New Energy Finance - NEX - Weekly Review

Posted by Tim

November 12, 2008

Each week I recap the results of the WilderHill New Energy Global Innovation Index, symbol NEX, and published by New Energy Finance Ltd. The index consists of approximately 90 stocks from 22 countries. The NEX is the tracking index for the PowerShares Global Clean Energy Portfolio ETF (PBD: 13.31 +0.32 +2.46%).

For the week the NEX was down 2.4%. This week the index did a little better than the NASDAQ and S&P 500 which lost 6.3% and 4.9% respectively. AMEX Oil, standing in for conventional energy, gained 1.7%. The top sector in the NEX was power storage with a gain of 11.6%. The wind sector was 7.3% and both sectors benefited from very strong gains from Japanese components.

The worst performing sector for the week was hydrogen and fuel cells, losing 13.7%. All 3 companies in the sector lost ground. The solar sector was also down 10%. Wind and solar are the two largest sectors in the NEX and have about an equal weighting.

Here are the top and bottom performing stocks from the index for the week:

NEX top gainers since 04/11/08
GS Yuasa Corp. 6674 +47.5%
Japan Wind Development 2766 +46.4%
Sanyo Electric 6764 +30.3%
Verenium Corp. VRNM +21.4%
Takuma 6013 +14.6%

NEX top losers since 04/11/08
JA Solar Holdings JASO -34.5%
Aventine Renewable Energy AVR -27.5%
SunPower Corp. SPWR -26.2%
Suntech Power STP -25.6%
Maxwell Technologies MXWL -24.5%