London, Jan 6, 2026, 09:33 (GMT) — Regular session
- Imperial Brands shares rose about 0.4% in early London trade after Monday’s slide.
- The company disclosed it repurchased 353,995 shares under its £1.45 billion buyback programme.
- Investors’ near-term focus shifts to the Jan. 28 AGM and the Feb. 19 ex-dividend date.
Imperial Brands IMB.L shares were up about 0.4% at 3,058 pence by 0930 GMT, clawing back a small part of the previous session’s drop as investors digested a new share buyback disclosure.
The update matters because Imperial’s equity story leans heavily on cash returns, and buybacks can help steady per-share metrics when trading turns choppy. The stock has been drifting away from its December peak, putting the spotlight back on how quickly shareholder payouts translate into a floor for the shares.
Imperial has been using repurchases to shrink its share count, a lever that can lift earnings per share — profit divided by the number of shares — even if operating conditions are flat.
In a stock exchange filing dated Monday, the group said it bought back 353,995 shares at an average price of 3,035.35 pence, with purchases ranging from 2,997 pence to 3,121 pence. The shares will be cancelled, leaving 795,269,788 shares in issue, and the company said the trades were executed via Morgan Stanley under its £1.45 billion programme.
On Monday, Imperial shares fell 2.5% to 30.47 pounds, underperforming a session in which the FTSE 100 rose 0.54% to a record close above 10,000 points, MarketWatch data showed. The stock ended that day about 16% below its 52-week high of 36.32 pounds hit on Dec. 19.
Technically, traders have been watching the 3,000-pence area after buyback prints and recent trading clustered around that level, while the low-3,100s mark a near-term hurdle if the rebound gathers pace.
Tobacco shares often trade as “defensive” names — companies seen as less sensitive to the economic cycle — but the sector can still swing on regulation and pricing headlines, particularly in nicotine alternatives.
Imperial’s management has been pitching a multi-year push to pair pricing power in cigarettes with growth in newer nicotine products, while returning cash through buybacks. After full-year results in November, CEO Lukas Paravicini said: “During the next strategic period, we will evolve the distinctive challenger approach which has underpinned our recent success.” Reuters
Still, the buyback pace is not a cure-all. A sharper-than-expected drop in cigarette volumes, tougher rules on vaping and nicotine pouches, or a squeeze on consumer spending in key markets would test the company’s ability to keep raising prices without eroding demand.
