London, Feb 12, 2026, 08:20 GMT — Regular session
- Shares of LSEG rose during early London trading as investors digested Elliott’s stake.
- Attention shifts to buybacks, cost management, and the growing AI challenge as full-year results drop later this month.
- Sentiment remains fragile after a broad sell-off hit data and analytics stocks.
Shares of London Stock Exchange Group plc (LSEG.L) rose 1.7%, reaching 7,508 pence by 08:20 GMT on Thursday. The stock opened at 7,492 and moved between 7,442 and 7,510, according to delayed data. 1
The rally comes as investors reassess the group’s remaining value following a sharp decline and fresh activist attention. Reuters Breakingviews pointed out that LSEG shares have fallen about 35% over the past year and now trade at roughly 16 times forward earnings, based on analyst profit forecasts—valuing it closer to exchange operator Euronext than data competitor MSCI. 2
Management is gearing up to brief investors soon, with timing key. LSEG has set a webcast for Feb. 26 to unveil its FY2025 preliminary results, led by CEO David Schwimmer and CFO Michel-Alain Proch. 3
Elliott’s exact stake size is unclear, but a source told Reuters the hedge fund is in talks with LSEG to improve performance and push for another buyback. A spokesperson said, “LSEG maintains an active and open dialogue with our investors, while remaining focused on executing our strategy.” Dan Coatsworth, head of markets at AJ Bell, pointed out that investors are waiting for Elliott to “spell out” its intentions. Meanwhile, Blue Whale Growth fund CIO Stephen Yiu added, “When you’ve got your core business under attack from AI, you need to really focus strategy.” 4
LSEG disclosed it bought 353,987 shares on Feb. 10, paying an average of 7,411.63 pence each. These purchases wrapped up the final tranche of its November buyback programme. In a buyback, a company uses cash to reacquire its own shares, reducing the total shares outstanding and possibly lifting earnings per share if profits remain stable. 5
Shares got an early lift Thursday following a volatile Wednesday, when news linked to Elliott sparked a brief rally before shares retreated. LSEG ended up 0.2% on the day, while London’s FTSE 100 closed at a record high, driven by strong performances in housebuilders and energy companies. 6
Elliott’s usual playbook is straightforward: boost capital returns, clamp down on costs, and rearrange assets to close valuation gaps. What’s less clear is how quickly the board will move and how eager they are to act.
AI sits at the center of the debate. Investors worry generative AI could slash costs for data analysis and automation, pushing clients to demand cheaper services or fresh offerings. LSEG claims its data and market infrastructure still hold pricing power, but the market isn’t buying it yet and wants proof.
RELX shrugged off the AI noise on Thursday, insisting that products integrated with AI will drive growth “for many years” following a 9% rise in operating profit for 2025. The company stayed bullish despite its shares being shaken by the ongoing AI debate. 7
Britain’s economy grew a mere 0.1% in the fourth quarter of 2025, missing expectations set by economists and the Bank of England, according to official data. Such numbers often sway risk appetite almost as much as corporate news. 8
Activist campaigns frequently miss the mark, especially as AI threats keep shifting and cheaper options emerge for customers to get the job done. If LSEG’s Feb. 26 guidance fails to address worries about pricing, retention, or investment, the gains seen this week might disappear fast.
Traders are on alert for major shareholding disclosures that could reveal Elliott’s position, along with signs the board might kick off the buyback program again. The date to watch is Feb. 26, when Schwimmer and Proch will take questions during the earnings call.
