London, March 3, 2026, 09:28 GMT — Regular session
GSK plc slipped roughly 1.4% to 2,150 pence early Tuesday in London, adding to losses after a weak open. Shares bounced between 2,139 pence and 2,172 pence in the session.
Investors unloaded risk again, reacting to surging oil prices after Middle East tensions flared further and put fresh pressure on European stocks. Early on, the pan-European STOXX 600 slid roughly 1.3%, with bank and utility shares lagging hardest.
FTSE 100 dropped around 2% in London trading, while Brent crude gained over 4%. Sterling edged lower versus the dollar, LSEG data published by Reuters showed. Rising energy prices like these can stoke inflation and rattle forecasts for rate cuts.
The rate narrative is showing cracks. “If the issues persist, then the market will start to worry about new inflationary pressures,” Dan Coatsworth, head of markets at AJ Bell, wrote Monday, pointing to the inflation risk from climbing oil prices. Reuters
GSK’s repurchase program rolled on, with the company disclosing March 2 that it scooped up 430,000 shares back on Feb. 27, paying an average of 2,179.36 pence per share. Those shares go straight into GSK’s treasury stock pile, as part of the ongoing buyback effort.
According to a March 2 filing, GSK reported 4.316 billion shares outstanding as of Feb. 28, with 244.0 million of those in treasury. That puts 4.072 billion voting rights in the market. The company noted shareholders can use that figure for UK disclosure calculations.
Broker commentary has been all over the map. Morgan Stanley’s Sarita Kapila bumped GSK’s price target up to 1,700 pence from 1,600, according to TheFly, but stuck with an “underweight” rating—usually a call that the stock will lag. TipRanks
The main wild card remains external. Philip Lane, chief economist at the European Central Bank, flagged that a prolonged conflict involving Iran might push inflation higher and weigh on growth. A spike in energy costs, Lane said, would increase near-term inflation pressures.
The tape’s looking chaotic. Should the conflict persist and energy prices stick at these heights, yields might push higher, adding more heat to equities and squeezing valuations. But if tensions cool off fast, the market could rebound sharply—those defensives everyone’s holding might suddenly lose their shine.
GSK’s first-quarter numbers land April 29. Investors are watching for tweaks to guidance and any fresh detail on shareholder payouts. The company’s own calendar confirms the date.
