(By Tim - iStockAnalyst Writer)
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: 9.702 -0.478 -4.70%). For reference, the NEX has a 52 week high of 436.21 and closed 2008 at 177.99.
For the week ending at market close on Monday the NEX dropped 11.3%, finishing at 148.42. The NASDAQ and S&P 500 were off big for the week declining 9.6% and 10.1% for the same period. All sectors in the index were in negative territory for the week.
The solar energy sector had the dubious distinction of holding the 5 worst performing stocks for the week in the index. The sector has a whole dropped 12.1%. Yet, solar was not the worst performing sector; ‘energy conversion' takes that honor, shedding 18.8% of its value. U.S. based Fuel Energy dropped 26.4% and Capstone Turbine fell 25.4% to drag down the sector.
The best any sector could do was ‘renewable-other' which fell only 5.8%. This sector consists mainly of geothermal and mini-hydro energy producers.
Here are the best and worst performing stocks from the NEX for the week:
NEX top gainers since 17/02/09
Energy Development EDC + 11.1%
Xinjiang Goldwind 2202 + 10.7%
Iberdrola Renovables IBR + 5.0%
EnerNOC ENOC + 3.9%
Babcock & Brown Wind BBW + 3.4%
NEX top losers since 17/02/09
LDk Solar LDK - 48.4%
Renewable Energy Corp REC - 35.9%
Yingli Green Energy YGE - 35.2%
Suntech Power STP - 29.8%
Evergreen Solar ESLR - 28.3%