London, Feb 23, 2026, 08:35 GMT — Regular session.
- National Grid edged up 0.07% in early trading, sitting at 1,347p.
- Jittery risk sentiment lingers after the U.S. tariff shift, giving a lift to defensive UK stocks.
- Investors eye gilts and circle National Grid’s May results date for signs of where things are headed.
National Grid ticked up 0.07% to 1,347 pence just after 0820 GMT, a hair above Friday’s 1,346 pence close. Early session volume showed roughly 226,000 shares changing hands.
The stock managed to stay steady even as global markets wrestled with renewed doubts over U.S. trade policy, triggered by President Donald Trump’s latest shifts on tariffs. Defensive shares saw renewed interest amid the turbulence. “The tariff landscape is now more uncertain than before,” noted Rodrigo Catril, senior FX strategist at NAB. Wall Street futures slipped, with Nvidia’s results on deck this week. Reuters
This has real implications for UK utilities, which tend to move in line with bond markets. Investors typically look to these stocks for steady dividends and reliable cash, so shifts in government bond yields can quickly impact how utilities are priced. Late Sunday, the UK 10-year gilt yield hovered near 4.35%, according to delayed market data.
Sterling ticked higher with the euro after the U.S. Supreme Court knocked down earlier tariffs, but traders were still working out the potential impact of the fresh levies on growth and bond issuance. “It weakens the dollar” if global growth outside the U.S. gets a boost, said Sim Moh Siong, currency strategist at OCBC Bank in Singapore. Reuters
National Grid’s business is anchored firmly in regulated networks. The company runs the high-voltage electricity transmission system across England and Wales, and handles both electricity and natural gas service in several U.S. regions, including New York and Massachusetts.
No new statement from the company as of Monday morning, so traders kept their eyes on the standard issues for a utility with heavy capital needs—funding costs, currency moves, and any shifts in risk appetite that might drag cash away from defensive names.
Investors are eyeing May 14 for the company’s full-year results, a key date on the calendar. Ex-dividend dates coming up later in May are also on radar, according to its investor events schedule.
Still, that support doesn’t always stick around. Tariffs driving up inflation fears or another jump in bond yields? Suddenly, appetite for dividend stocks drops, and utilities end up trailing as investors shift back to cyclical names.
Traders this week are watching for specifics on U.S. tariffs, while also tracking developments out of Geneva, where U.S.-Iran nuclear negotiations are set for Thursday—those talks have been swaying energy markets and risk sentiment.
