August breather Index heavyweights sell off on lackluster 2Q13 results. Asian constituents offset downward pressure as upstream margins improve

摘要

The Ardour Solar Index took a breather in August, after mixed 2Q13 results from top-weighted names prompted investors to take profits after a strong year to date performance. Most industry headlines were relatively positive: China's National Development and Reform Commission introduced a subsidy for solar projects and the EU approved a solution on the China trade case which proposed a curb on imports in exchange for no punitive tariffs. The index was most affected by company specific headlines for top-weighted names, which sold off after lackluster 2Q13 reports. However, demand remains strong in China, Japan and the U.S., which has continued to stabilize module pricing.