LONDON: Growing expectations of a strong Democratic victory in U.S. elections have prompted investors to snap up renewable energy stocks, amplifying a recent rush seen after the European Union's fiscal splurge earmarked for green investments.
The Invesco solar ETF has risen almost 150per cent year-to-date, nearly double the rise of the index that tracks the FAANG+ basket of technology giants that have led this year's stock market bounceback. "I have never seen the writing on the wall so clear: the recovery is going to be green and digital," said Geraldine Sundstrom, fund manager at PIMCO.
Last week, solar and wind generator company Nextera exceeded the market value of oil giants Exxon Mobil and Chevron, who have topped the charts of most-valuable energy companies for several decades. But Waldrep said that the broader trend towards renewables would continue, regardless of the election result.
Source: News Formal (newsformal.com)
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