New Energy Index - NEX - Weekly Update

Posted by Tim

April 22, 2008

Last week the NEX was pretty much in line with the broader market. NEX gained 5.2% compared to 5.8% for the NASDAQ and 4.5% for the S&P 500. NEX is the bogey index for the PowerShares Global Clean Energy Fund (PBD: 10.7455 -0.0345 -0.32%). The New Energy Index is a global index of clean/renewable energy companies.

Energy efficiency was the top sector for the week, up 7.6%. Close behind were solar, up 6.7% and hydrogen and fuel cells at a plus 6.6%. All of the sectors made positive returns, with wind power bringing up the rear at a positive 3.1%. Some where someone is making money on biofuels, since no mention is made in the weekly review, but the losers list definitely smell of ethanol.

So far, PBD has held its own this week against broad market declines, up a few pennies from Friday’s close. Here are the winners and losers from the index for last week:

NEX top gainers since 15/04/08
EnerNOC ENOC + 36.7%
Energy Developments ENE + 24.4%
Yingli Green Energy Holding YGE + 22.7%
Roth & Rau R8R + 16.5%
Cree CREE + 16.2%

NEX top losers since 15/04/08
Novozymes A/S Series B NZM’B - 9.8%
Aventine Renewable Energy Holdings AVR - 8.3%
VeraSun Energy VSE - 7.6%
Evergreen Solar ESLR - 7.3%
Epistar 2448 - 7.3%