Weekly Review Of New Energy Global Innovation Index

Each week I provide a recap of the previous week’s performance of the WilderHill New Energy Global Innovation Index, symbol NEX. This information is provided by New Energy Finance. This week the folks at New Energy Finance decided to provide the results though Monday, October 14 rather than the usual Friday wrap up day. This is quite understandable as the NEX was down 25% for the 5 day week and made up 80% of the loss on the 6th day. It will be interesting to see how they report this/next week’s results.

The NEX is the bogey index for the PowerShares Global Clean Energy Fund (PBD). The NEX currently consists of 88 stocks from over 20 countries, giving a truly global diversification to the fund.

For the week +1 the NEX lost 5.5%. The comparative benchmarks of the NASDAQ (^IXIC), S&P 500 (^GSPC) and AMEX Oil lost 1%, 5.1% and 8%, respectively. At one point during the week the NEX was off 58% from where it started 2008. It has been a rough time for renewable energy investors.

Biofuels and biomass was the only sector to stay in positive territory, gaining 0.6%. The ‘renewable other’ sector was the worst performer, off 10.1%. Solar energy and wind energy, the two largest sectors in the index, were down 8.9% and 4.7%.

Here are the winners and losers from the index for the “week”:

NEX top gainers since 07 Oct 08
Aventine Renewable Energy Holdings (AVR) + 29.7%
Greentech Energy Systems (GES) + 23.4%
Plug Power (PLUG) + 20.8%
Centrotherm Photovoltaics (CTN) +19.6%
Capstone Turbine (CPST) + 15.3%

NEX top losers since 07 Oct 08
Brasil Ecodiesel Industria e Comercio de Bioc ECOD3 - 27.1%
Boralex (BLX) - 26.1%
Meidensha 6508 - 25.1%
Sharp 6753 - 23.8%
SunPower (SPWR) - 21.6%

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