Investors believe that Biden, who will win the presidential election, is buying clean-energy stocks, sending share prices of some companies to an all-time high.
The Wilderhill Clean Energy Index, a compilation of green-power companies listed on US exchanges, rose to a nine-year high on Wednesday. It has climbed 33% since early July. Its largest companies include First Solar Inc.
And tesla Inc.
IShares Global Clean Energy ETF,
Which tracks S&P Global’s index of clean energy companies worldwide, has risen by about 30% in the same timeframe. The fund’s assets under management increased from $ 431 million to $ 1.2 billion at the beginning of the year. Its largest holdings include SolarEdge Technologies Inc.
And plug power Inc.
“It has been on hold since the beginning of summer, as the market is beginning to focus on elections,” said Max Anderrell, head of Alpha Equity, who focuses at UBS Asset Management. “This is certainly already reflected in equity market prices.”
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