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 or maybe Monday.

Last week I noted the unusual tactic of New Energy Finance to include the next Monday’s results with the previous week’s returns. This was due to the massive market decline and the 1,000 point recovery on Monday. This week’s data is though the closing price of Monday, 10/20 from the close on the previous Monday.

For the week the NEX was down 4%. The NASDAQ was also down 4% and the S&P 500 dropped 1.8%. Solar energy, the largest sector in the index, was the biggest decliner, dropping 6.4%. The second largest sector, wind energy, shed 4.9%.

On the positive side, hydrogen and fuel cells gained 3.3%. Ballard Power Systems was up 17.2% on news of the sale of 10,000 fuel cell units to power wireless base stations in India. The ‘renewable-other’ sector (geothermal & mini-hydro) also rose 3.2% for the week.

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

NEX top gainers since 14/10/08
Boralex (BLX) + 23.1%
5N Plus (VNP) + 20.0%
Climate Exchange (CLE) + 17.8%
Japan Wind Development 2766 + 17.7%
Ballard Power Systems (BLD) + 17.2%

NEX top losers since 14/10/08
Itron (ITRI) - 26.3%
Johnson Controls (JCI) - 21.4%
Power-One (PWER) - 19.9%
Brasil Ecodiesel Industria e Comercio de Bioc ECOD3 - 18.6%
Umicore (UMI) - 18.2%

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