New Energy Finance – NEX – Weekly Review
Each week I provide a review of the previous week’s performance of the WilderHill New Energy Global Innovation Index, symbol NEX. This information is provided by New Energy Finance. The NEX consists of about 90 stocks from 20 countries in seven sectors and is the bogey for the PowerShares Global Clean Energy Fund (PBD: 14.96 +0.08 +0.54%). These results are for the week ending on Friday. Since the 3rd quarter ended last week I will follow on this post later with a quarterly update.
The news just keeps getting worse for investors in the clean energy sector. NEX had the worst week since I started following the index, off 19.7%. This was significantly worse than the NASDAQ, S&P 500 and Amex Oil, which were down 6.1%, 4.5% and 7%, respectively. All of the sectors in the NEX were hammered with the 27.1% loss in biomass and biofuels leading the way down. U.S. leading ethanol producer VeraSun Energy (VSE: 0.00 N/A N/A) continued its tremendous volatility to the downside last week, losing 53.8%. Chinese biodiesel producer Gushan Biodiesel dropped 50.3%.
Here are the returns for some of the other renewable sectors in the NEX: Wind energy minus 22.3%. Solar energy off 16.2%. Energy efficiency down 12.9%. Hydrogen and fuel cells retreated 7.5%.
Here are the winners and losers from the NEX for last week:
NEX top gainers since 30 Sept 2008
Verenium VRNM + 35.6%
Plug Power PLUG + 12.2%
Power-One PWER + 12.2%
Byd Co 1211 + 9.2%
SunPower SPWR + 9.2%
NEX top losers since 30 Sept 2008
VeraSun Energy VSE - 53.8%
Gushan Environmental Energy GU – 50.3%
American Superconductor AMSC - 39.4%
Japan Wind Development 2766 - 38.7%
EnerNOC ENOC - 38.1%
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