* Top-40 books 0.59 decline in 2011
* In dollar terms index down 19 pct
(Adds details, quotes)
By David Dolan
JOHANNESBURG, Dec 30 (Reuters) – South African stocks
slipped to their first annual loss since the 2008 financial
crisis, giving up 0.6 percent as concerns about the euro zone
shredded confidence in miners and other firms sensitive to
global growth.
While Johannesburg’s slight decline outperformed many
developed and emerging markets in 2011, the pain was far worse
for foreign investors, who saw their returns eroded by a nearly
20 percent drop in the rand currency.
The sluggish stock performance is likely to continue due to
the uncertainty about Europe, traders have said.
“You could have gone to the beach for the whole year and
come back and caused less damage to a portfolio,” said Abri du
Plessis, chief investment officer at Gryphon Asset Management in
Cape Town.
The benchmark Top-40 index finished 2011 at
28,469.81, down 0.06 on the day and a decline of 0.59 percent
for 2011.
The broader All-share index rose 0.02 percent on
Friday, but booked an annual loss of 0.36 percent.
Continued…
