New Energy Index – NEX – Weekly Update
The NEX is an index of over 80 renewable/alternative energy companies, worldwide. The PowerShares Global Clean Energy Portfolio (PBD: 15.01 +0.04 +0.27%) is an ETF that tracks the NEX and I have it in this site’s 20 Stock Portfolio to give exposure to the renewable energy sector.
This formerly high flying sector has definitely come back to earth over the last few months. My main reason for picking an ETF for the 20 Stock Portfolio was the outrageous valuations many of the companies in this sector had, so I considered it prudent to spread the risk by using an ETF.
On to the results for the week ending last Friday (2/8). The NEX fell by 7.4% with the solar energy sector leading the way downward -10.9%. Here are the best and worst performing stocks for the week:
NEX top gainers since 05/02/08
Cree CREE + 8.4%
MEMC Electronic Materials WFR + 6.7%
BKW FMB Energie BKWN + 6.5%
Japan Wind Development Co + 5.8%
Fortum Oyj FUM1V + 5.4%
NEX top losers since 05/02/08
Conergy CGY - 36.6%
Renewable Energy REC - 23.5%
VERBIO Vereinigte BioEnergie VBK - 19.6%
Q-Cells QCE - 16.0%
Solaria Energia y Medio Ambiente SLR - 15.5%
Source: New Energy Finance
Note: I currently do not have a position in PBD.
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