London, Feb 13, 2026, 08:45 GMT — Regular session
- National Grid shares pulled back early, just after hitting a new one-year high.
- Traders are zeroing in on rate outlooks now, with funding for network upgrades also drawing attention.
- U.S. inflation numbers are on the radar for investors Friday, seen as a potential near-term catalyst.
National Grid (NG.L) pulled back Friday, shares dipping 0.8% to 1,342 pence at 0829 GMT after an early surge to 1,354.5 pence—a one-year high. That move snaps a two-day rally, which had propelled the UK utility to record levels. (Investorschronicle)
Why does the pullback stand out? National Grid, behaving much like any rate-sensitive utility, typically sees investors pile in when they expect interest rates to fall—then tap the brakes as yields climb. Being a capital-intensive operation means its funding costs don’t stray far from center stage, either.
Shifting data keeps UK rate bets in flux. The economy eked out 0.1% growth in the fourth quarter, and investors now figure the Bank of England is “more likely than not” to deliver another rate cut in March, Reuters said Thursday. That’s despite global markets getting rattled by a risk-off move. (Reuters)
Not much in the way of company announcements, but the debt markets had a technical wrinkle. Societe Generale said in a Thursday notice there was no “stabilisation” after National Grid Electricity Transmission’s 650 million euro fixed-rate note issue maturing Feb. 3, 2034. Banks sometimes step in to support new bonds’ prices—this time, they didn’t. (Investegate)
This isn’t just about a single transaction. Across Europe, grid operators are grappling with mounting investment demands. Some are actively exploring new ways to raise capital. On Friday, Reuters said key shareholders in Germany’s Amprion are mulling their options as pressure to secure funding builds. “Every professional investor will have to consider this decision matrix,” Markus Altenhoff, who heads capital investment at AEVWL, said in a statement. (Reuters)
National Grid wasn’t the only name making noise in the sector. United Utilities tacked on 2.7% Thursday, hitting a fresh 52-week peak—even as the FTSE 100 slipped. Defensive stocks like this one can still draw buyers when nerves creep in. (MarketWatch)
But the trade can turn fast. If inflation expectations rise again, bond yields could spike, putting the squeeze on “bond proxy” stocks like utilities. Big spending plans don’t leave much margin for error, whether from cost blowouts or regulators.
Looking ahead, investors will be circling May 14, when National Grid is set to unveil its full-year results for 2025/26. The company has also locked in ex-dividend dates for the end of May, and its AGM is slated for July. (National Grid)
All eyes turn to the U.S. consumer price index numbers landing at 1330 GMT—figures that could shake up global rate expectations. “With volatilities as heightened as they are … big breaks certainly accelerate these moves,” said Kyle Rodda, senior market analyst at Capital.com. (Reuters)
