London, Feb 8, 2026, 08:15 GMT — The market is shut.
British American Tobacco finished Friday up 1.2% at 4,609 pence, outpacing gains on the FTSE 100, with traders positioning ahead of a packed results week for the company. Around 3.8 million shares changed hands. The stock has climbed about 5% over the last week. Hargreaves Lansdown
London’s back at it Monday, and attention swings to BAT (BATS.L) ahead of its preliminary results due later this week. Traders are watching: will the stock hang on to its bid when new figures land on the company’s nicotine alternatives drive?
The tobacco industry is doubling down on “smokeless” offerings to make up for sluggish cigarette demand, and the battle for market share is heating up. BAT’s stock has long been a reliable income play for plenty of investors. The real question is whether the company’s upcoming report shows it can keep growing, without putting the squeeze on margins.
BAT disclosed Friday it picked up 121,668 shares on Feb. 5, paying a volume-weighted average price of 4,535.6560 pence each—a figure that reflects how many shares traded at each price. Those shares are headed for cancellation, BAT said, which will drop the share count to 2,176,404,600 (not counting treasury shares) once the process wraps up. Investegate
Chief Executive Tadeu Marroco picked up 364 ordinary shares at 44.94 pounds apiece on Feb. 5, according to a separate filing tied to the company’s deferred share bonus plan. The transaction, disclosed Friday, was detailed here.
Philip Morris International’s earnings Friday put the pace of the nicotine pouch battle in sharp relief. Investors are zeroed in on whether top brands can keep prices intact as promotional activity heats up. CEO Jacek Olczak told Reuters there’s “an x-fold difference” separating Zyn from competitors. Over at Jefferies, analyst Andrei Andon-Ionita argued BAT is still in a strong spot to grab more U.S. nicotine pouch share. Reuters
BAT usually draws in quick-moving cash when it lines up buybacks with its reporting cycle, particularly if bigger markets are shaky. Even with its reputation as a defensive stock, shares can twitch at the slightest sign that growth in “new categories” might be stalling.
But there’s risk on the flip side. If regulators clamp down harder on vaping or oral nicotine, or if the price war in pouches escalates, earnings leverage could take a hit fast—calling into question just how long these cash returns can keep up at this pace.
Investors are eyeing PMI’s guidance to see if the buzz around certain sectors can last, or if shifting bond yields start dragging cash out of high-yield defensives. Monday’s open may reveal whether Friday’s rally was more than just a positioning play.
BAT’s 2025 preliminary numbers are due out at 0700 GMT on Thursday, Feb. 12. Marroco, interim CFO Javed Iqbal, and Victoria Buxton from investor relations will take questions and walk through the results on a live video webcast kicking off at 0930 GMT. Full details are on bat.com.
