FRANKFURT (dpa-AFX) - The German benchmark index Dax has had its worst stock market year in four years. Russia's war of aggression on Ukraine, the resulting rise in energy prices, high inflation and the subsequent rapid rise in interest rates took their toll on 2022. At the closing bell, the Dax was down 12.35 percent for the year to 13,923.59 points. At one point, the loss had even reached a good 25 percent, but thanks to a brilliant fall rally, the Dax was able to limit the damage. An overview of the year's biggest winners and losers from the index:

1. Beiersdorf +18.61 percent - The shares quickly shook off price losses in the spring as a result of the war in Ukraine. In June, ambitious sales and return targets of the consumer goods manufacturer triggered a share price rally. The consumer business, which includes brands such as Nivea and Eucerin, is expected to grow faster than the market in the medium term. This was well received by the stock market, with the share price establishing itself above the 100 euro mark in the summer. In the wake of the general fall rally, Beiersdorf also rallied, reaching its highest level in more than three years in mid-December.

Munich Re +16.70% - With the start of the war in Ukraine, Munich Re also initially took a downward turn. At the beginning of March, the reinsurer's shares were trading at their lowest level since November 2020. The shares did not really take off until late summer. Interest rate hikes by major central banks in response to inflation drove the entire insurance sector up. Investors bet on significantly higher returns from insurance companies in their investment business. In mid-December, Munich Re reached its highest level in 20 years at just over 310 euros.

RWE +16.43 percent - In the first quarter, the electricity group already more than doubled its profit for the year, driven above all by the expansion of capacity in its renewables business. Added to this were profits worth billions from the valuation of financial products for risk hedging. In May, the share price rose to its highest level in eleven years. In September, relief at the prospect of an electricity price brake gave the shares a further tailwind. Investors had previously expected greater burdens. At prices of 44 euros, however, the air was always too thin for further upside opportunities.

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38th Adidas -49.66 percent - When it became known at the beginning of November that Puma CEO Björn Gulden would be moving to rival Adidas, enthusiasm arose on the stock market. Adidas shares shot up by over 40 percent in just a few days. Before that, however, the child had already fallen deep into the well: From highs of over 260 euros at the start of the year, the share price had almost halved. Adidas had to lower its forecasts several times - one reason was the restrictive Corona lockdowns in the important sales market of China, another was the ejection and discontinuation of the collection of the controversial US rapper Kanye West. Adidas shares had last suffered a similarly disastrous stock market year in 2008.

39. Zalando -53.46 percent - The shares of the online fashion retailer suffered well above average and sustained high inflation. In addition, the strong deterioration in consumer sentiment across Europe had a negative impact on the entire sector over the course of the year. Already in the first quarter, sales of Zalando, which is otherwise so accustomed to growth, declined, causing the share price to plummet. After months of price losses, the share only found a bottom in September below 20 euros. With a market capitalization of just 8.7 billion euros, Zalando is the second smallest Dax stock - behind chemicals group Covestro.

40: Vonovia -54.60 percent - The real estate sector also suffered badly from rising capital market interest rates. On the one hand, they are making it more expensive for companies to refinance their activities, while at the same time curbing demand for construction and real estate loans. After years of sharply rising rents and purchase prices, a correction set in here in 2022, at least for purchase prices, and many experts expect stagnation at best in the coming year as well. The Vonovia share price fell almost continuously from the start of the year at 42 euros until the end of September and was only able to stabilize above 20 euros in the fall./bek/la/mis