Weekly Review Of New Energy Global Innovation Index

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). These results are for the week ending on Friday.

Last week the NEX reversed a 3 week losing spree that saw the index fall by over 24%. For the week the NEX was up 4.9%, after hitting a 2008 low on Wednesday, 9/17. In comparison, the NASDAQ was unchanged and the S&P 500 gained 1.2%. Amex Oil, representing conventional energy, climbed 9.7%.

Solar energy was the top sector for the week, gaining 9.1%. Energy efficiency was a close 2nd, up 8.7%. Wind energy and hydrogen/fuel cells also were up over 6% on the week.

Biofuels and biomass bucked the positive trend by losing 7.2%. VeraSun Energy (VSE) lost over 60% of its value after announcing it will show a significant loss for the 3rd quarter. VSE’s problems helped pull down the rest of the sector.

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

NEX top gainers since 16 Sept 2008
Comverge (COMV) + 39.3%
Cree (CREE) + 37.4%
JA Solar Holdings (JASO) + 35.3%
Medis Technologies (MDTL) + 33.3%
American Superconductor (AMSC) + 29.5%

NEX top losers since 16 Sept 2008
VeraSun Energy (VSE) - 62.2%
Capstone Turbine (CPST) - 22.9%
PNOC Energy Development Corporation (EDC) - 21.5%
Actelios (ACT) - 19.5%
Aventine Renewable Energy Holdings (AVR) - 17.8%

Note: I currently hold a long position in VSE.

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