New Energy Finance - NEX - Weekly Update

Posted by Tim

December 2, 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 0.00 0.00%). For reference, the NEX has a 52 week high of 461.56.

The NEX gained 0.8% for the week ending December 1. Note this includes the big decline on Monday, 12/1. The NASDAQ and the S&P 500 were down 5% and 4.2% for the same period. AMEX Oil declined by 6.1%. Maybe this is the glimmer of hope that the renewable and clean energy can resume market beating performance. Time will tell.

Power storage was the top sector, gaining 5.2% as companies from the U.S. and China had gains on government sponsored investments. The two largest sectors in the NEX were both in negative territory. Solar energy lost 2.1% pulled down by German manufacturer, Conergy. Wind energy was down 0.8% in spite of Babcock and Brown Wind Partner’s big gain. BBW was selected by the Canadian province of Manitoba to build a 300MW project worth up to $800 million.

Here are the top gainers and losers from the index for the week:

NEX top gainers since 25 Nov 08
Meidensha 6508 + 38.0%
Aventine Renewable Energy Holdings AVR + 37.5%
Babcock & Brown Wind Partners Group BBW + 37.1%
SMA Solar Technology S92 + 20.3%
Rockwool International ROCKB + 19.5%

NEX top losers since 25 Nov 08
Conergy CGY - 33.7%
Maxwell Technologies MXWL - 17.4%
Sao Martinho SMTO3 - 14.2%
Solon AG fuer Solartechnik SOO1 - 12.6%
Acciona ANA - 12.4%