After the disappointing performance of cleantech shares worldwide in August, the cleantech indices we track show that many shares in the renewable energy space bounced back during September. The Ardour Solar Energy Index, which was down only marginally in August, enjoyed a very strong performance last month (up 17.3%), while the next biggest gain was achieved by the WilderHill Clean Energy Index (up 15.4%).
The strength in the cleantech sector appears to have occurred mainly among US-listed shares. This is reflected by another poor performance from Germany’s ÖkoDAX index (down 3.6% in September after falling 10.5% during the previous month), while the NASDAQ Clean Edge Energy Green Energy Index (up 12.9%) managed the third best performance among the indices we follow.
|Cleantech Indices||Value end Dec-09||Value end Aug-10||Value end Sept-10||% change Sept-10||% change YTD|
|Ardour Global Alternative Energy Index (AGIGL)||1934.96||1483.76||1619.27||9.13%||-16.32%|
|Ardour Solar Energy Index (SOLRX)||2229.60||1576.23||1848.66||17.28%||-17.09%|
|Deutsche Bourse ÖkoDAX||314.23||238.23||229.60||-3.62%||-26.93%|
|FTSE ET50 Index||164.40||132.82||148.62||11.90%||-9.60%|
|Renewable Energy Industrial Index (RENIXX)||749.25||569.54||580.19||1.87%||-22.56%|
|Nasdaq Clean Edge Green Energy Index (CELS)||211.70||178.03||201.04||12.92%||-5.04%|
|WilderHill New Energy Global Innovation Index (NEX)||248.68||188.30||208.55||10.75%||-16.14%|
|WilderHill Clean Energy Index (ECO)||111.35||86.52||99.83||15.38%||-10.35%|
Indeed, by the end of September globally-focused cleantech indices – such as the Ardour Global Alternative Energy Index (up 9.1%) and the FTSE ET50 Index (up 11.9%) – managed only a return to around the same levels they were at two months previously.
Continuing concerns about the general economy in the eurozone might explain why European cleantech shares are not doing so well as their American peers, as investors flee to what they perceive as safer investments. However, the overall improvement in cleantech shares should be taken as a positive sign at the start of the autumn season.
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