March 28, 2011 / 11:17 AM / 8 years ago

STOCKS NEWS EUROPE-Vestas lifted by German Green victory

Shares in Danish wind turbine manufacturer Vestas (VWS.CO) rise nearly 6 percent after Germany’s anti-nuclear Greens won an election victory in the state of Baden-Wuerttemberg at the weekend.

Vestas trades up 5.7 percent at 226.40 crowns after earlier rising as high as 232.50, while other renewable stocks also gain sharply. SolarWorld SWVG.DE, Q-Cells QCEG.DE, SMA Solar (S92G.DE) and Nordex (NDXG.DE) are up between 6.4 and 10.6 percent.

“We are seeing price rises today in all green shares as a consequence of this (Green election victory),” Sydbank’s equities chief Ole Jensen tells Reuters.

In Baden-Wuerttemberg on Sunday, the Greens won 24.2 percent of the vote, meaning Greens state leader Winfried Kretschmann will lead a Greens-SPD state government.

The German Greens got a boost from an increase in anti-nuclear sentiment following the Japanese nuclear crisis, which has driven up shares of companies in the renewable energy sector broadly.

But the day’s sharp rise in Vestas shares also stems from covering of short positions by investors who have bet on the stock falling, Jensen says.

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