New Energy Finance - NEX - Weekly Update

Posted by Tim

September 11, 2008

Although a couple of days later than usual, here is my weekly update for the Wilderhill New Energy Global Innovation Index - NEX. This index is the target index for the PowerShares Global Clean Energy Fund ETF (PBD: 13.31 +0.32 +2.46%). The NEX includes clean and renewable energy companies from over 20 countries divided into 7 sectors. The index takes a balanced approach to component ratings with no stock having more than about a 2% weighting.

For the week ending last Friday the NEX lost 9.2%, mirroring conventional energy losses as AMEX Oil declined 8.1%. The NASDAQ was level with a 0.1% gain and the S&P 500 was off 1.2%. All of the NEX’s sectors lost money led by the solar energy sector, shedding 14.%. Next up (down?) on the loser’s list were biofuels and wind energy losing 9.4% and 9%, respectively.

The listing below of the index’s winners and losers give a good indication how the renewable energy stocks were skewed towards the negative:

NEX top gainers since 02 Sep 2008
Takuma 6013 + 5.2%
EnviTec Biogas ETG + 4.7%
Contact Energy CEN + 4.2%
International Rectifier IRF + 4.1%
Gurit Holding GUR + 3.8%

NEX top losers since 02 Sep 2008
Capstone Turbine CPST - 27.9%
Gushan Environmental Energy GU - 22.1%
Greentech Energy Systems GES - 22.0%
Plug Power PLUG - 20.7%
MEMC Electronic Materials WFR - 20.0%