Market Update
Europe Movers: Holcim, Pearson, Rightmove, Saint-Gobain, Teleperformance, WPP
Inga Muller
28 Feb, 2025
Frankfurt
Saint-Gobain dropped 1.3% to €94.90 after the French producer of construction, high-performance, and other materials reported lower revenue in fiscal 2024 ending in December.
Sales dropped 2.9% to €46.57 billion from €47.94 billion, net income increased 6.6% to €2.84 billion from €2.67 billion, and earnings per diluted share rose 8.2% to €5.69 from €5.26 a year ago.
The company expects an operating margin of more than 11.0% in 2025, compared to 11.4% in 2024.
Saint-Gobain proposed a 5% increase of dividend to €2.20 per share for 2024, and its total shareholder return was 32%.
The company said it completed its share buyback program one year earlier than expected and announced a new €400 million stock repurchase program in 2025.
WPP Plc. plunged 15.6% to 650 pence after the UK-based advertising and public relations company offered a muted revenue outlook, impacted by weakness in China and U.S. uncertainty.
Revenue in fiscal 2024 declined 0.7% to £14.74 billion from £14.84 billion, profit dropped 5.6% to £969 million from £1.03 billion, and earnings per diluted share fell 5.9% to 88.3 pence from 93.8 pence a year ago.
The company guided comparable revenue to be flat to down 2%, with performance improving in the second half of 2025.
The advertising services provider said the operating margin is expected to be around flat, excluding the impact of foreign exchange.
Last year, WPP sold its majority stake in FGS Global for $1.7 billion, unlocking significant value for its shareholders.
Holcim AG dropped 0.6% to CHF 95.66 after the Swiss building materials manufacturer beat analyst expectations for the fourth quarter of 2024 ending in December.
Net sales declined 2.2% to CHF 26.41 billion from CHF 27.01 billion, net income fell 4.4% to CHF 2.93 billion from CHF 3.06 billion, and earnings per share decreased 2.3% to CHF 5.24 from CHF 5.37 a year ago.
Net sales in the fourth quarter dropped 1.9% to CHF 6.47 billion from CHF 6.60 billion a year ago.
The company guided for fiscal 2025 sales growth at mid-single digits in local currency, further expansion of recurring EBIT margin, and earnings per share up 5.3% to CHF 5.70 from CHF 5.24 a year ago.
Holcim proposed an 11% increase in dividend to CHF 3.10 per share.
The company plans the listing of its North American business, on track to occur by the end of the first half of 2025.
Pearson Plc. gained 1.4% to 1,335 pence after the U.K.-based educational publishing and services company reported higher profit in fiscal 2024 ending in December.
Sales declined to £3.55 billion from £3.67 billion, profit jumped to £435 million from £380 million, and earnings per diluted share rose to 63.5 pence from 52.7 pence a year ago.
The company proposed a final dividend of 16.6 pence per share, payable on May 9 to shareholders on the register as of March 21.
Rightmove Plc. gained 0.6% to 674 pence after the U.K.'s largest property portal reported a 7% revenue increase in fiscal 2024 ending in December.
Revenue increased to £389.88 million from £364.32 million, profit declined to £192.71 million from £199.15 million, and earnings per diluted share fell to 24.3 pence from 24.4 pence a year ago.
The company proposed a 7% increase in the final dividend for 2024 to 6.1 pence per share, compared to 5.7 pence per share in 2023, and the total dividend for 2024 is up 5% to 9.8 pence per share, compared to 9.3 pence per share in 2023.
Rightmove returned £181.7 million of surplus cash to shareholders through share buybacks and dividends during 2024, compared to £201.7 million in 2023.
The company guided for fiscal 2025 revenue growth between 8% and 10%, and an underlying operating margin of 70%, flat to 2024.
Teleperformance SE traded flat at €100.20 after the French business process outsourcing company reported revenue acceleration after a year of consolidation.
Revenue in fiscal 2024 increased to €10.28 billion from €8.34 billion, net profit declined to €523 million from €592 million, and earnings per diluted share fell to €8.71 from €10.01 a year ago.
Fourth-quarter revenue rose to €2.68 billion from €2.40 billion a year ago.
The company plans to launch a new investment program in artificial intelligence partnerships with a target of €100 million in 2025, after signing a first partnership with Sanas, a real-time speech understanding provider, on February 19.
Europe Movers: Holcim, Pearson, Rightmove, Saint-Gobain, Teleperformance, WPP
Inga Muller
28 Feb, 2025
Frankfurt
Saint-Gobain dropped 1.3% to €94.90 after the French producer of construction, high-performance, and other materials reported lower revenue in fiscal 2024 ending in December.
Sales dropped 2.9% to €46.57 billion from €47.94 billion, net income increased 6.6% to €2.84 billion from €2.67 billion, and earnings per diluted share rose 8.2% to €5.69 from €5.26 a year ago.
The company expects an operating margin of more than 11.0% in 2025, compared to 11.4% in 2024.
Saint-Gobain proposed a 5% increase of dividend to €2.20 per share for 2024, and its total shareholder return was 32%.
The company said it completed its share buyback program one year earlier than expected and announced a new €400 million stock repurchase program in 2025.
WPP Plc. plunged 15.6% to 650 pence after the UK-based advertising and public relations company offered a muted revenue outlook, impacted by weakness in China and U.S. uncertainty.
Revenue in fiscal 2024 declined 0.7% to £14.74 billion from £14.84 billion, profit dropped 5.6% to £969 million from £1.03 billion, and earnings per diluted share fell 5.9% to 88.3 pence from 93.8 pence a year ago.
The company guided comparable revenue to be flat to down 2%, with performance improving in the second half of 2025.
The advertising services provider said the operating margin is expected to be around flat, excluding the impact of foreign exchange.
Last year, WPP sold its majority stake in FGS Global for $1.7 billion, unlocking significant value for its shareholders.
Holcim AG dropped 0.6% to CHF 95.66 after the Swiss building materials manufacturer beat analyst expectations for the fourth quarter of 2024 ending in December.
Net sales declined 2.2% to CHF 26.41 billion from CHF 27.01 billion, net income fell 4.4% to CHF 2.93 billion from CHF 3.06 billion, and earnings per share decreased 2.3% to CHF 5.24 from CHF 5.37 a year ago.
Net sales in the fourth quarter dropped 1.9% to CHF 6.47 billion from CHF 6.60 billion a year ago.
The company guided for fiscal 2025 sales growth at mid-single digits in local currency, further expansion of recurring EBIT margin, and earnings per share up 5.3% to CHF 5.70 from CHF 5.24 a year ago.
Holcim proposed an 11% increase in dividend to CHF 3.10 per share.
The company plans the listing of its North American business, on track to occur by the end of the first half of 2025.
Pearson Plc. gained 1.4% to 1,335 pence after the U.K.-based educational publishing and services company reported higher profit in fiscal 2024 ending in December.
Sales declined to £3.55 billion from £3.67 billion, profit jumped to £435 million from £380 million, and earnings per diluted share rose to 63.5 pence from 52.7 pence a year ago.
The company proposed a final dividend of 16.6 pence per share, payable on May 9 to shareholders on the register as of March 21.
Rightmove Plc. gained 0.6% to 674 pence after the U.K.'s largest property portal reported a 7% revenue increase in fiscal 2024 ending in December.
Revenue increased to £389.88 million from £364.32 million, profit declined to £192.71 million from £199.15 million, and earnings per diluted share fell to 24.3 pence from 24.4 pence a year ago.
The company proposed a 7% increase in the final dividend for 2024 to 6.1 pence per share, compared to 5.7 pence per share in 2023, and the total dividend for 2024 is up 5% to 9.8 pence per share, compared to 9.3 pence per share in 2023.
Rightmove returned £181.7 million of surplus cash to shareholders through share buybacks and dividends during 2024, compared to £201.7 million in 2023.
The company guided for fiscal 2025 revenue growth between 8% and 10% and an underlying operating margin of 70%, compared to 73% in 2023.
Teleperformance SE traded flat at €100.20 after the French business process outsourcing company reported revenue acceleration after a year of consolidation.
Revenue in fiscal 2024 increased to €10.28 billion from €8.34 billion, net profit declined to €523 million from €592 million, and earnings per diluted share fell to €8.71 from €10.01 a year ago.
Fourth-quarter revenue rose to €2.68 billion from €2.40 billion a year ago.
The company plans to launch a new investment program in artificial intelligence partnerships with a target of €100 million in 2025, after signing a first partnership with Sanas, a real-time speech understanding provider, on February 19.
Tariff Uncertainties Drag Down Japan Indexes 4% This Week, Retail Sales and Tokyo-Area Inflation Weighs
Akira Ito
28 Feb, 2025
Tokyo
Stock market indexes in Tokyo turned sharply lower amid escalating trade tensions and rising U.S. economic policy uncertainty.
The Nikkei 225 stock average declined nearly 3%, and the broader TOPIX fell 2%, and they extended weekly losses to 4% and 2%, respectively.
Stocks in Japan and in Asia plunged after the U.S. president confirmed the start of a 25% tariff on goods shipped from Mexico and Canada from March 4.
In addition, the White House imposed an additional 10% tariff on top of the previously announced 10% tariffs a month ago on Chinese exports, increasing the total import tax on some Chinese products to as high as 60%.
The sharp escalation of tariffs weighed on the market sentiment, and softer-than-expected economic data also accelerated the market decline.
Tokyo-area consumer price inflation eased to 2.9% in February from 3.4% in January, according to data from the Ministry of Internal Affairs.
Local education subsidies and energy price relief played a role in keeping inflation down.
Consumer prices, which exclude food prices, rose 2.2%, and core inflation, which excludes food and energy prices, held steady at 1.9%.
Japan's retail sales in January advanced 3.9%, up from a downwardly revised 3.5% in December, according to the latest data available from the Ministry of Economy, Trade & Industry.
Retail sales advanced for the 34th month in a row and rose at the fastest pace since February 2024, driven by a steady rise in wages.
On a monthly basis, retail sales increased 0.5%, rebounding from an upwardly revised 0.8% decrease in December.
Another report by the ministry showed industrial production declined in January from the previous month by 1.1%, following a 0.2% fall in the previous month and extending losses to the third consecutive month.
On an annual basis, industrial production increased 2.6%, rebounding from a loss of 1.6% in December, and the first increase in three months.
Japan Indexes and Stocks
The Nikkei 225 Stock Average declined 2.9% to 37,155.50, and the broader TOPIX dropped 2% to 2,682.09.
Semiconductor equipment makers faced selling in Friday's trading and extended weekly losses, tracking the decline in overnight trading in New York.
Tokyo Electron, Advantest, Disco Corp., and Lasertec Corp. fell between 6% and 9%.
Tariff Uncertainties Drag Down Japan Indexes 4% This Week, Retail Sales and Tokyo-Area Inflation Weighs
Akira Ito
28 Feb, 2025
Tokyo
Stock market indexes in Tokyo turned sharply lower amid escalating trade tensions and rising U.S. economic policy uncertainty.
The Nikkei 225 stock average declined nearly 3%, and the broader TOPIX fell 2%, and they extended weekly losses to 4% and 2%, respectively.
Stocks in Japan and in Asia plunged after the U.S. president confirmed the start of a 25% tariff on goods shipped from Mexico and Canada from March 4.
In addition, the White House imposed an additional 10% tariff on top of the previously announced 10% tariffs a month ago on Chinese exports, increasing the total import tax on some Chinese products to as high as 60%.
The sharp escalation of tariffs weighed on the market sentiment, and softer-than-expected economic data also accelerated the market decline.
Tokyo-area consumer price inflation eased to 2.9% in February from 3.4% in January, according to data from the Ministry of Internal Affairs.
Local education subsidies and energy price relief played a role in keeping inflation down.
Consumer prices, which exclude food prices, rose 2.2%, and core inflation, which excludes food and energy prices, held steady at 1.9%.
Japan's retail sales in January advanced 3.9%, up from a downwardly revised 3.5% in December, according to the latest data available from the Ministry of Economy, Trade & Industry.
Retail sales advanced for the 34th month in a row and rose at the fastest pace since February 2024, driven by a steady rise in wages.
On a monthly basis, retail sales increased 0.5%, rebounding from an upwardly revised 0.8% decrease in December.
Another report by the ministry showed industrial production declined in January from the previous month by 1.1%, following a 0.2% fall in the previous month and extending losses to the third consecutive month.
On an annual basis, industrial production increased 2.6%, rebounding from a loss of 1.6% in December, and the first increase in three months.
Japan Indexes and Stocks
The Nikkei 225 Stock Average declined 2.9% to 37,155.50, and the broader TOPIX dropped 2% to 2,682.09.
Semiconductor equipment makers faced selling in Friday's trading and extended weekly losses, tracking the decline in overnight trading in New York.
Tokyo Electron, Advantest, Disco Corp., and Lasertec Corp. fell between 6% and 9%.
China and Hog Kong Indexes Plunge Amid Tariff and Rate Path Worries
Li Chen
28 Feb, 2025
Hong Kong
Stock market indexes in China and Hong Kong dropped sharply amid escalating trade tensions with the U.S.
The Hang Seng index dropped more than 3%, and the mainland-focused CSI 300 declined 2%, as investors worried that continual increases in the U.S. tariffs will dampen China's export growth.
For the week, the Hang Seng index and the CSI 300 index declined more than 2%, and they trimmed this year's gains.
The decline in Hong Kong indexes was driven by a sharp fall in tech and broader stock indexes on Wall Street as traders rotated out of stocks and chased rising bond yields.
The yield on the 10-year Treasury notes rose and approached 4.8%, and the additional U.S. tariffs are likely to fuel inflation, slow down economic growth, and encourage the Federal Reserve to keep higher interest rates for longer.
The latest market sell-off was sparked by comments from the U.S. president that goods from Mexico and Canada will face 25% tariffs as of next week.
Moreover, Chinese exports will face an additional tariff of 10% on top of the previously announced 10% tariffs a month ago.
Overall, many consumer and electronic goods shipped from mainland China now attract as much as 60% in tariffs, compared to no import tax in 2014.
Despite the Trump rhetoric and new tariffs, exports of goods made by Chinese companies to the U.S. will continue to rise over the next four years, as manufacturers shift production to Mexico, Vietnam, and the ASEAN region.
China Indexes and Stocks
The Hang Seng index declined 3.4% to 22,918.05, and the CSI 300 index dropped 2% to 3,890.05.
Internet platform operators and advanced technology companies extended weekly losses in Friday's trading, as new U.S. tariffs could spark a slowdown in sales.
Moreover, the DeepSeek-driven rally faced a wall of stretched valuation and growing skepticism that the emergence of affordable artificial intelligence may fall short in delivering earnings growth as widely anticipated.
Alibaba Group Holding decreased 5.8% to HK $127.90, Tencent Holdings dropped 3.3% to HK $478.80, and JD.com fell 4.4% to HK $160.0.
China and Hog Kong Indexes Plunge Amid Tariff and Ra
Li Chen
28 Feb, 2025
Hong Kong
Stock market indexes in China and Hong Kong dropped sharply amid escalating trade tensions with the U.S.
The Hang Seng index dropped more than 3%, and the mainland-focused CSI 300 declined 2%, as investors worried that continual increases in the U.S. tariffs will dampen China's export growth.
For the week, the Hang Seng index and the CSI 300 index declined more than 2%, and they trimmed this year's gains.
The decline in Hong Kong indexes was driven by a sharp fall in tech and broader stock indexes on Wall Street as traders rotated out of stocks and chased rising bond yields.
The yield on the 10-year Treasury notes rose and approached 4.8%, and the additional U.S. tariffs are likely to fuel inflation, slow down economic growth, and encourage the Federal Reserve to keep higher interest rates for longer.
The latest market sell-off was sparked by comments from the U.S. president that goods from Mexico and Canada will face 25% tariffs as of next week.
Moreover, Chinese exports will face an additional tariff of 10% on top of the previously announced 10% tariffs a month ago.
Overall, many consumer and electronic goods shipped from mainland China now attract as much as 60% in tariffs, compared to no import tax in 2014.
Despite the Trump rhetoric and new tariffs, exports of goods made by Chinese companies to the U.S. will continue to rise over the next four years, as manufacturers shift production to Mexico, Vietnam, and the ASEAN region.
China Indexes and Stocks
The Hang Seng index declined 3.4% to 22,918.05, and the CSI 300 index dropped 2% to 3,890.05.
Internet platform operators and advanced technology companies extended weekly losses in Friday's trading, as new U.S. tariffs could spark a slowdown in sales.
Moreover, the DeepSeek-driven rally faced a wall of stretched valuation and growing skepticism that the emergence of affordable artificial intelligence may fall short in delivering earnings growth as widely anticipated.
Alibaba Group Holding decreased 5.8% to HK $127.90, Tencent Holdings dropped 3.3% to HK $478.80, and JD.com fell 4.4% to HK $160.0.
India Movers: Abbott India, Cummins India, Exicom Tele-Systems, GE Vernova, Gujarat Gas, Info Edge, Symphony, Welspun
Arun Goswami
28 Feb, 2025
Mumbai
Cummins India Ltd. dropped 2.5% to ₹2,744.40 despite diesel and natural gas engine makers reporting a slight increase in net income and a 22% jump in revenue in the December quarter.
Consolidated revenue increased to ₹3,207.5 crore from ₹2,640.8 crore, after-tax profit rose to ₹558.5 crore from ₹498.9 crore, and diluted earnings per share jumped to ₹20.15 from ₹18 a year ago.
The company's board declared a third interim dividend for the financial year 2025 of ₹18 per share.
Exicom Tele-Systems Ltd. decreased 3.4% to ₹154.90 after the electric vehicle charging solution provider swung to a loss in the December quarter.
Consolidated revenue declined to ₹202.9 crore from ₹265.3 crore, after-tax losses swung to ₹49 crore from a profit of ₹9 crore, and diluted losses per share swung to ₹4.05 from a profit of 98 paisa a year ago.
Welspun Corp Ltd. fell 2.7% to ₹736.10 despite the steel and plastic pipes maker reporting a two-fold increase in net income in the December quarter.
Consolidated revenue decreased to ₹3,656.6 crore from ₹4,758.2 crore, after-tax profit rose to ₹672.2 crore from ₹293.7 crore, and diluted earnings per share jumped to ₹26.60 from ₹11.13 a year ago.
The company's board declared a third interim dividend for the financial year 2025 of ₹5 per share.
Gujarat Gas Ltd. plunged 0.9% to ₹376.75 despite the gas distribution company reporting a slight increase in revenue and net income in the December quarter.
Consolidated revenue advanced to ₹4,391 crore from ₹4,107.3 crore, net income increased to ₹221.6 crore from ₹220.3 crore, and diluted earnings per share rose to ₹3.22 from ₹3.20 a year ago.
Info Edge Ltd. declined 5% to ₹7,016.65 despite the company reporting a two-and-a-half-fold increase in earnings in the December quarter.
Consolidated revenue decreased to ₹9,094.8 crore from ₹9,194.5 crore, after-tax profit rose to ₹2,884.2 crore from ₹1,194.5 crore, and diluted earnings per share jumped to ₹22.18 from ₹11.26 a year ago.
The company's board declared a third interim dividend for the financial year 2025 of ₹12 per share.
Abbott India Ltd. dropped 2% to ₹2,935 after the company reported a 13% increase in revenue in the December quarter.
Consolidated revenue advanced to ₹1,686 crore from ₹1,492.8 crore, net income increased to ₹360.8 crore from ₹311 crore, and diluted earnings per share rose to ₹169.78 from ₹146.89 a year ago.
GE Vernova Ltd. fell 2.9% to ₹1,336.30 despite the energy company reporting a three-fold increase in earnings in the December quarter.
Consolidated revenue increased to ₹1,099.4 crore from ₹834.7 crore, after-tax profit jumped to ₹142.6 crore from ₹49.3 crore, and diluted earnings per share rose to ₹5.57 from ₹1.93 a year ago.
Symphony Ltd. decreased 2% to ₹1,085.35 after the home appliances company swung to a loss in the December quarter.
Consolidated revenue advanced to ₹249 crore from ₹262 crore, after-tax losses swung to ₹10 crore from a profit of ₹41 crore, and diluted losses per share swung to ₹1.37 from a profit of ₹8.11 a year ago.
India Movers: Abbott India, Cummins India, Exicom Tele-Systems, GE Vernova, Gujarat Gas, Info Edge, Symphony, Welspun
Arun Goswami
28 Feb, 2025
Mumbai
Cummins India Ltd. dropped 2.5% to ₹2,744.40 despite diesel and natural gas engine makers reporting a slight increase in net income and a 22% jump in revenue in the December quarter.
Consolidated revenue increased to ₹3,207.5 crore from ₹2,640.8 crore, after-tax profit rose to ₹558.5 crore from ₹498.9 crore, and diluted earnings per share jumped to ₹20.15 from ₹18 a year ago.
The company's board declared a third interim dividend for the financial year 2025 of ₹18 per share.
Exicom Tele-Systems Ltd. decreased 3.4% to ₹154.90 after the electric vehicle charging solution provider swung to a loss in the December quarter.
Consolidated revenue declined to ₹202.9 crore from ₹265.3 crore, after-tax losses swung to ₹49 crore from a profit of ₹9 crore, and diluted losses per share swung to ₹4.05 from a profit of 98 paisa a year ago.
Welspun Corp Ltd. fell 2.7% to ₹736.10 despite the steel and plastic pipes maker reporting a two-fold increase in net income in the December quarter.
Consolidated revenue decreased to ₹3,656.6 crore from ₹4,758.2 crore, after-tax profit rose to ₹672.2 crore from ₹293.7 crore, and diluted earnings per share jumped to ₹26.60 from ₹11.13 a year ago.
The company's board declared a third interim dividend for the financial year 2025 of ₹5 per share.
Gujarat Gas Ltd. plunged 0.9% to ₹376.75 despite the gas distribution company reporting a slight increase in revenue and net income in the December quarter.
Consolidated revenue advanced to ₹4,391 crore from ₹4,107.3 crore, net income increased to ₹221.6 crore from ₹220.3 crore, and diluted earnings per share rose to ₹3.22 from ₹3.20 a year ago.
Info Edge Ltd. declined 5% to ₹7,016.65 despite the company reporting a two-and-a-half-fold increase in earnings in the December quarter.
Consolidated revenue decreased to ₹9,094.8 crore from ₹9,194.5 crore, after-tax profit rose to ₹2,884.2 crore from ₹1,194.5 crore, and diluted earnings per share jumped to ₹22.18 from ₹11.26 a year ago.
The company's board declared a third interim dividend for the financial year 2025 of ₹12 per share.
Abbott India Ltd. dropped 2% to ₹2,935 after the company reported a 13% increase in revenue in the December quarter.
Consolidated revenue advanced to ₹1,686 crore from ₹1,492.8 crore, net income increased to ₹360.8 crore from ₹311 crore, and diluted earnings per share rose to ₹169.78 from ₹146.89 a year ago.
GE Vernova Ltd. fell 2.9% to ₹1,336.30 despite the energy company reporting a three-fold increase in earnings in the December quarter.
Consolidated revenue increased to ₹1,099.4 crore from ₹834.7 crore, after-tax profit jumped to ₹142.6 crore from ₹49.3 crore, and diluted earnings per share rose to ₹5.57 from ₹1.93 a year ago.
Symphony Ltd. decreased 2% to ₹1,085.35 after the home appliances company swung to a loss in the December quarter.
Consolidated revenue advanced to ₹249 crore from ₹262 crore, after-tax losses swung to ₹10 crore from a profit of ₹41 crore, and diluted losses per share swung to ₹1.37 from a profit of ₹8.11 a year ago.