Jan. 1--It was a dismal year for local stocks.

Of 25 public companies based in the Triangle, only three saw their share prices rise in 2008.

The average total return for the companies, including dividends, was -36.5 percent. Just more than half, 13 to be exact, outperformed the S&P 500 Index.

Salix Pharmaceuticals was the Triangle's top performer, logging a 12 percent gain. The company, which specializes in gastrointestinal treatments, has faced intense competition from generic rivals. But in the fall, the Food and Drug Administration approved a new drug for ulcerative colitis, buoying investors.

R.H. Donnelley was the biggest decliner last year, with its stock falling almost 99 percent. It publishes phone directories and has suffered as online media have pulled advertising dollars away. In November, the New York Stock Exchange began proceedings to delist the stock, which closed Wednesday at 37 cents a share.

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