London, February 23, 2026, 08:16 GMT — Regular session
- Imperial Brands slipped 5p to 3,225p out of the gate, moving between 3,223p and 3,236p in the first part of the session.
- Markets worldwide held mostly steady, though jitters persisted with another shift in U.S. tariff policy.
- March 31 brings the dividend payment, and investors are already eyeing the April 14 trading update.
Imperial Brands dipped 0.2% to 3,225 pence at the start of London’s session Monday, off just a touch from its previous finish at 3,230 pence. Shares barely budged, sticking between 3,223p and 3,236p. British American Tobacco, meanwhile, edged higher by roughly 0.3%.
Markets barely budged as the risk picture got cloudier over the weekend, with investors rethinking their stance on U.S. trade policy. FTSE futures slipped 0.2%. “The tariff landscape is now more uncertain than before, uncertainty is not good news for any economy or market,” said Rodrigo Catril, senior FX strategist at National Australia Bank. Reuters
Market players are digesting the U.S. Supreme Court’s decision to overturn President Donald Trump’s emergency tariffs, with Trump now vowing fresh duties—25% on cars, semiconductors, and pharmaceuticals starting March 1, according to Reuters. European Central Bank President Christine Lagarde cautioned, “to sort of shake it up again is going to bring about disruptions.” Reuters
For Imperial, it’s the shifts in risk appetite and bond yields that really move the needle. Tobacco names like this one tend to act as bond proxies — investors snap them up for the steady dividends — and sharp jumps in yields can make the shares twitchy.
Elsewhere, little movement on the corporate news front. Imperial disclosed in a Feb. 20 filing that it snapped up 651,709 shares for cancellation, with an average price tag of 3,233.77 pence apiece, part of its £1.45 billion buyback plan.
Buybacks shrink the share count, which can boost earnings per share as quarters go by. But these moves don’t shield tobacco stocks from wider market headwinds. Excise-tax increases, stricter regulations, and the persistent drop in cigarette volumes continue to weigh heavily on the sector.
Several dates are on the horizon for investors. Imperial shares lost their dividend rights as of Feb. 19, with the final payout set for March 31 if shareholders give the green light. The company will post a trading update on April 14, then report half-year numbers on May 12.
Traders are eyeing fresh tariff news and a lineup of central bank speakers this week, according to a Reuters morning markets note. The schedule features Lagarde, Bank of England’s Alan Taylor, and Federal Reserve governor Christopher Waller. Data on deck: Germany’s Ifo business-climate survey and U.S. inflation reports.
The risks are clear enough. If yields spike again, “high-yield defensives” could take a hit, and sentiment would probably sour fast if new products like vaping, heated tobacco, and nicotine pouches can’t make up for sagging sales of traditional combustibles.
