London, Jan 31, 2026, 08:24 GMT — Market closed
- National Grid shares closed Friday at 1,234.5p, up 0.37%, after touching 1,240p
- A U.S. filing bundled a voting-rights update and earlier director share dealings
- Traders are braced for next week’s Bank of England decision to steer gilt yields and “bond-proxy” utilities
National Grid (NG.L) shares ended Friday up 0.37% at 1,234.5 pence, after hitting an intraday high of 1,240 pence. The stock traded between 1,222.8 and 1,240, with about 10.2 million shares changing hands. (Yahoo Finance)
With London markets shut for the weekend, investors head into Monday watching interest rates again. Utilities often trade as “bond proxies” — high-dividend shares that can move with bond yields — and the Bank of England lists its next Bank Rate decision for Feb. 5, with Bank Rate currently at 3.75%. (Bank of England)
Broader risk appetite was firmer into the close on Friday, with the FTSE 100 up 0.5% and notching its longest monthly winning run in more than 12 years, Reuters reported. “The weaker pound is obviously beneficial for the multinationals,” Fiona Cincotta, senior market analyst at City Index, told Reuters, adding that the benchmark was holding up even as commodities sold off. (Reuters)
The company also kept the investor drumbeat going on Friday, hosting a virtual debt investor webcast focused on its U.S. regulated businesses and posting presentation materials online. (National Grid)
A Form 6-K filing with the U.S. Securities and Exchange Commission on Friday included National Grid’s update that its registered capital as of Dec. 31 consisted of 5,191,884,002 ordinary shares, with 4,961,573,282 shares carrying voting rights after treasury stock. The submission also bundled director dealing notices from earlier in January. (SEC)
The next big domestic data point for rates comes later in the month. The Office for National Statistics has its next consumer inflation release scheduled for Feb. 18, a date that can reset expectations for the pace of rate cuts. (Office for National Statistics)
National Grid runs electricity transmission in Britain and electricity and gas networks in New York and Massachusetts, businesses whose earnings are shaped by regulators and funding costs as much as by demand. (Reuters)
The rate backdrop matters because National Grid is in an investment-heavy stretch. Lower yields can lift the appeal of steady dividends and take some edge off financing fears; higher yields do the opposite, fast.
But there’s a simple downside case: if the central bank pushes back hard on rate-cut hopes, or if gilt yields climb on global moves, utilities can underperform even in a rising market. Regulatory headlines can also land awkwardly, and they rarely give long notice.
For Monday’s open, traders will be watching sterling, long-dated gilt yields and whether the stock can hold close to the 1,240p peak it tested late in the week. A break lower would put the recent run into question.
The next clean catalyst is Feb. 5, when the Bank of England delivers its rate decision alongside the Monetary Policy Report and minutes — a package that tends to move UK yields and, by extension, the “bond-proxy” names.
