London, Feb 2, 2026, 09:34 (GMT) — Regular session
- SSE shares edged up 0.04% to 2,422.93 pence in early trading, hovering close to a 52-week peak
- Utility stocks held firm amid investor caution over interest-rate cues and a risk-averse market mood
- Attention shifts to SSE’s Feb. 4 trading statement and the BoE’s decision later this week
SSE shares edged up 0.04% to 2,422.93 pence by mid-morning Monday, fluctuating between 2,417 and 2,439 pence earlier in the session. National Grid gained 0.82% during the same period. (Investing)
Big UK utilities have been jittery around rate moves, with investors eyeing them as dividend plays that rival bonds. The Bank of England is widely predicted to hold its benchmark rate at 3.75% this week. Traders are keenly watching for hints on whether policymakers might signal rate cuts soon. “We expect Bank Rate to be cut twice this year. The timing of the next cut is coming increasingly into question,” said Sanjay Raja at Deutsche Bank. (Reuters)
European shares dipped, dragged down by commodity-related stocks following a slide in energy and metals prices. Investors shifted cautiously into defensive sectors amid the unsettled mood. (Reuters)
SSE is gearing up for a key update soon. Their calendar marks a third-quarter trading statement on Feb. 4, followed by preliminary results set for May 28. (SSE)
Investors often look to the Q3 update for clues on renewable output, the pace of network investments, and changes in financing—key for capital-intensive firms. With shares hovering near recent highs, even minor guidance adjustments can make a difference.
On Monday, SSE released its regular “total voting rights” update, detailing the current number of shares outstanding and the associated voting rights. (TradingView)
The filing showed the company has 1,215,471,728 ordinary shares issued, with 3,327,300 held in treasury and carrying no voting rights. This means total voting rights stand at 1,212,144,428, the number investors rely on as the denominator for shareholding disclosure thresholds under Financial Conduct Authority transparency rules.
Still, rates remain the main driver for the stock. Any change in the BoE’s stance can rapidly shift gilt yields, which in turn often drags utilities along, given their long-term cashflows and dividends tied to “risk-free” returns.
But sentiment can shift quickly. If inflation figures or central-bank signals lead markets to dial back expectations for rate cuts—or simply push yields upward—defensive sectors sensitive to rates, like utilities, may lose appeal despite consistent operational performance.
