Clean tech stocks defy a falling ASX in Q1

Shares in clean energy firms rose 5.9 per cent in the quarter on the back of the performance of 12 companies, including battery developer RedFlow and diversified power developer and transporter Eden Energy.

The Australian CleanTech Index outperformed the S&P ASX200 and the S&P ASX Small Ordinaries for both the month of September and the first quarter of FY15.

The ACT Index rose from 46.8 to 47.8 over the month of September recording a 1.5 per cent gain. This compared to the S&P ASX200 loss of 5.9 per cent and the S&P ASX Small Ordinaries Index loss of 6.3 per cent. The ACT 20 recorded the same performance as the full index for the month.

Over the first quarter of the 2015 fiscal year, the ACT Index recorded a gain of 5.7 per cent, ahead the S&P ASX200's loss of 1.9 per cent and the S&P ASX Small Ordinaries' 0.3 per cent gain.5.9

The six and 12-month figures also remain ahead of the wider market. Over the last 12 months, the ACT Index recorded a gains of 10.6 per cent, 9.2 per cent ahead of the S&P ASX200.

The market capitalisation of the 63 stocks in the ACT Index is $15.5 billion, after its rebalance, falling from its peak of $16.3 billion in July 2007 but a long way up from its trough of $6.2 billion in July 2012.

Best and worst stocks

The best and worst performers in terms of share price performance over the month and the quarter are shown in the table below.

The month’s performance was driven by 12 companies with gains of more than 15 per cent. The greatest percentage gains were recorded by Eden Energy, RedFlow and Phoslock Water Solutions. These gains were partially offset by 16 companies recording losses of more than 15 per cent led by AnaeCo, Green Invest and Water Resources Group.

The quarter’s performance was driven by 13 companies with gains of more than 20 per cent. The greatest gains were recorded by Actinogen, K2 Energy Limited and RedFlow. These gains were partially offset by eight companies recording losses of more than 20 per cent led by Green Invest, Water Resources Group and AnaeCo.

Index rebalance

The ACT Index underwent its quarterly rebalancing at the end of September which took account of recent share issues and other corporate activity. 

The changes that were made to the index constituents at this rebalancing were:

Removal from theindex

– CMA Corporation (ASX:CMV) following its delisting on September 2 due to non-payment of listing fees.

– Steihealth (STP) following completion of the Scheme of Arrangement with Catilina Nominees Pty Ltd as trustee of the Danny Boulas Daniels Family Trust on July 7.

Watchlist

A watching brief is being maintained on the following companies in the Index:

– Petratherm Ltd (PTR) following its award of Petroleum Exploration Licence (EL3/2013) covering approximately 3900 sq km, north of Hobart in central Tasmania to explore for shale oil and gas.

– Novarise Renewable Resources International (NOE) which is negotiating a privatisation proposal from its majority shareholder.

– Enhanced Systems Technologies (Wasabi Energy) (ESY) which is currently suspended from the ASX.

The Australian CleanTech Index is published each month on the Australian CleanTech website. Monthly performance reports can be emailed directly by signing up to the distribution list.