London, Jan 31, 2026, 07:54 GMT — Market closed
- British American Tobacco shares last closed at 4,376p, up 1.1% on the day.
- A fresh buyback filing showed another 131,672 shares repurchased for cancellation.
- Investors now look to the Feb. 4 dividend and the Feb. 12 full-year results.
British American Tobacco (BATS.L) shares ended Friday up 1.1% at 4,376 pence, outpacing the FTSE 100 as the tobacco group’s steady buyback flow stayed in view. (Hargreaves Lansdown)
The market is shut for the weekend, but the next few sessions look busy for a stock that trades like an income play. BAT’s next quarterly dividend is due on Feb. 4. (British American Tobacco)
Legal risk is also back on the radar. A lawsuit filed in a Virginia federal court accuses BAT and a unit of helping North Korea fund terrorism, according to The Guardian. (The Guardian)
A stock exchange filing on Friday showed BAT bought 131,672 shares on Jan. 29 from UBS AG London Branch at a volume-weighted average of 4,346.8597 pence, with the shares set for cancellation. The filing said the group would have 2,177,014,231 shares in issue (excluding treasury shares) after the purchase and cancellation. (Investegate)
The read-across for tobacco has been messy this week. Altria Group, the U.S. Marlboro maker, flagged a 2026 profit lift from a tax rebate known as the “double duty drawback” and said it was leaning on partnerships with groups including KT&G to expand exports. Salvatore Mancuso told Reuters it would be “foolish” not to use the provision. (Reuters)
For BAT, the next hard marker is guidance and cash generation into 2026, not just the daily buyback prints. In December, chief executive Tadeu Marroco said, “I’m trying to be cautious for 2026,” as the company pointed to pressure from regulation and competition in the U.S. vape market. (Reuters)
The North Korea-related claims land on top of a history that investors already know, but have largely priced as old news. In an April 2023 statement, BAT said it had reached agreements with the U.S. Department of Justice and the Office of Foreign Assets Control to resolve probes tied to historical business linked to North Korea, and said it had ceased all business activities related to North Korea by September 2017. (British American Tobacco)
But the new suit could still matter if it drags or throws up documents that spook the market. Litigation timing is hard to handicap, and any hint of bigger damages — or copycat claims — would test the idea that shareholder returns can keep dominating the story.
For now, traders will watch whether the stock holds Friday’s gains when dealing resumes on Monday, and whether there is any company response on the lawsuit beyond the court docket and filings.
BAT is due to publish its 2025 preliminary results on Feb. 12 at 0700 GMT, with a webcast later that morning. That’s the next real catalyst. (British American Tobacco)
