London, Feb 12, 2026, 08:59 GMT — Regular session
- National Grid shares eased in early trade after touching a new 52-week high a day earlier
- UK GDP data showed the economy barely grew in late 2025, keeping the rate outlook in play
- Traders are watching UK inflation data next week, with National Grid’s full-year results due in May
National Grid (NG.L) shares slipped 0.5% to 1,322.5 pence on Thursday, giving back a slice of the prior session’s rally. (Investing)
The pullback matters because the stock’s run has leaned on the rates story as much as anything company-specific. Utilities tend to trade like long-duration assets — their regulated cash flows stretch far out — so shifts in bond yields can move valuations fast.
That rate debate got new fuel after data showed Britain’s economy grew just 0.1% in the fourth quarter, undershooting forecasts for 0.2%, with business investment falling sharply. “There were some tentative signs that sentiment turned a corner,” said Luke Bartholomew, deputy chief economist at Aberdeen, adding that political uncertainty could yet spoil the mood. (Reuters)
National Grid jumped 2.86% to 1,329 pence on Wednesday and hit a new 52-week high, with trading volume below its 50-day average, according to MarketWatch. (MarketWatch)
Short-dated gilt yields — the interest rate on British government bonds — have steadied after recent swings, one of the inputs equity investors keep checking for utilities. The two-year gilt yield was around 3.62% on Feb. 12, after easing the previous session, Trading Economics data showed. (Trading Economics)
The broader tone was still constructive. The FTSE 100 was up about 0.15% on the day. (Reuters)
For now, traders are lining up the next macro catalyst: the Office for National Statistics is due to publish January consumer price inflation data on Feb. 18. Hotter-than-expected inflation would likely push yields up and could pinch rate-sensitive defensives. (Office for National Statistics)
There is a simpler risk, too. If gilt volatility returns — or the market decides rate cuts are not coming as quickly — stocks that have been treated as bond substitutes can fall out of favour. (Reuters)
National Grid operates regulated electricity networks in Britain and electricity and gas networks in the northeastern United States, which can damp earnings swings but keeps the group tied to regulators and funding costs. (Reuters)
On the company calendar, the next big signpost is its 2025/26 full-year results on May 14, followed by the ex-dividend date for the final dividend on May 28 for ordinary shares. (Nationalgrid)
