Investors blow cool on energy

By Rachel Morarjee
Published: September 4 2008 03:00

Renewable energy stocks led a broad retreat among European equities yesterday as investors unwound positions that hedged against the rising price of oil. Weak eurozone growth figures also knocked consumers stocks.

Norwegian solar industry bellwether Renewable Energy tumbled 8.2 per cent to NKr145.50, Germany's Q-Cells slipped 4.9 per cent to €63.84 and peer German Solarworld lost 5.6 per cent to €32.83. Danish windpower company Vestas Wind shed 4.5 per cent to DKr644.

Oil stocks lost ground. Norway's StatoilHydro , which was added to Goldman's "conviction buy" list, dropped 0.5 per cent to NKr152.30, Austria's OMV lost 2.2 per cent to €41.26, France's Total fell 2.3 per cent to €46.27 and Portugal's Galp Energia shed 1.9 per cent to €12.63.