London, March 3, 2026, 09:28 GMT — Regular session
GSK plc shares were down about 1.4% at 2,150 pence in early London trade on Tuesday, extending a pullback after the stock opened lower. The shares have traded between 2,139 pence and 2,172 pence so far. 1
The move comes as investors keep dumping risk after a widening Middle East conflict pushed oil sharply higher and bruised European equities for a second straight session. The pan-European STOXX 600 was down around 1.3% in early trade, with utilities and banks among the weakest groups. 2
In London, the FTSE 100 was down about 2%, while Brent crude was up more than 4% and sterling slipped against the dollar, according to LSEG data published by Reuters. The combination matters because higher energy costs can feed inflation and unsettle expectations for interest-rate cuts. 3
That rate story has started to wobble. “If the issues persist, then the market will start to worry about new inflationary pressures,” Dan Coatsworth, head of markets at AJ Bell, said in a note on Monday as he flagged the inflation risk from higher oil prices. 4
On the company side, GSK has kept the buyback machine running. The drugmaker said on March 2 it bought 430,000 shares on Feb. 27 at an average price of 2,179.36 pence and will hold them as treasury shares — stock the company buys back and keeps — under its existing programme. 5
A separate filing dated March 2 showed GSK had 4.316 billion shares in issue at Feb. 28, with 244.0 million held in treasury, leaving 4.072 billion voting rights in the market. The company said that voting-rights figure can be used by shareholders for UK disclosure calculations. 6
Broker notes have been mixed. Morgan Stanley analyst Sarita Kapila raised the bank’s price target on GSK to 1,700 pence from 1,600 pence while keeping an “underweight” rating, TheFly reported; underweight typically signals an expectation of relative underperformance. 7
The bigger swing factor still sits outside the company. European Central Bank chief economist Philip Lane warned a lengthy Iran war could lift inflation and hurt growth, saying a jump in energy prices puts upward pressure on inflation in the near term. 8
But the tape is messy. If the conflict drags on and energy costs stay elevated, yields could keep climbing and pressure equity valuations further; if tensions ease quickly, the market could snap back and defensives may not look as special.
Next up for GSK is its first-quarter results on April 29, when investors will look for any changes to guidance and updates on shareholder returns. The company’s investor calendar lists that date. 9
