Biofuels Digest Indexâ„¢ (BDI) down 1.94 points as consumer confidence slips

August 28, 2007

The Biofuels Digest Indexâ„¢ (BDI), a basket of 21 major public biofuel stocks, fell nearly two percent today to 98.06 points as fears of a US recession were stoked by increasingly gloomy news from consumer confidence surveys and the Federal Reserve.

The broader markets fell slightly harder today, with the Dow Jones industrials down 2.1 percent to 13401.85, the S&P 500 down 2.35% and the Nasdaq down 2.37%.

Smaller cap stocks in the index were more volatile, with Earth Biofuels (EBOF.OB) down 25% to $0.06, GreenShift (GSHF.OB) down 11% to $0.03 and Better Biodiesel down 7% to $1.50. An announcement was made earlier in the day that Earth Biofuels had discontinued participation in a Washington state biofuels plant, and the company’s partner in the venture claiming that Earth Biofuels had defaulted on an investment obligation.

Among the few winners today, NewGen Technologies (NWGN.OB) was up 7% to $0.16, Intrepid Technology (IESV.OB) up 2% to $0.043, and Aventine Renewable Energy (AVR) was up 1% to $13.63, while Texcom (TEXC.PK), Green Energy Resources (GRGR.PK) and Bio Solutions (BSLM.OB) were unchanged for the day.

The markets reacted poorly to release of transcripts from the Feb’s August 7th meeting which showed pessimism at the Fed over the housing market. Meanwhile, the US Conference Board reported that consumer sentiment dropped to its lowest point in a year, and a report from Case-Shiller reported that US housing prices were down 3.2% in the second quarter amidst rising inventories.

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Written by Jim Lane · Filed Under Biofuels Digest Index (BDI), Research