London, Jan 29, 2026, 08:59 GMT — Regular session
- BAT shares fell 0.3% in early London trading, lagging behind the FTSE 100.
- Company revealed an additional daily batch of repurchases as part of its ongoing buyback program
- Investors are gearing up for BAT’s full-year results, set to drop in mid-February
British American Tobacco (BATS) shares slipped 0.3% to 4,321 pence by 0841 GMT, after starting the day at 4,339 pence. Early trading on Thursday saw the stock fluctuate between 4,308 and 4,348 pence.
The move may be minor, but its timing stands out. BAT has grown popular among investors focused on cash returns, with traders keeping a sharp eye on buybacks and shifts in share count as earnings approach.
BAT has its full-year 2025 results slated for Feb. 12, per its financial calendar—a date that often triggers early moves in income-focused stocks.
On Thursday, the company disclosed a purchase of 135,314 ordinary shares on Jan. 28 as part of its ongoing share buyback program. The shares were bought at prices ranging from 4,320 to 4,352 pence, with a volume-weighted average price of 4,335.8629 pence. The company confirmed these shares will be cancelled.
The broader market showed strength, with the FTSE 100 rising roughly 0.6% in early trading. This meant that BAT’s decline acted more as a slight drag than a reflection of overall index weakness.
Other tobacco stocks offered little support. Imperial Brands shares slipped 0.4% around the same time, according to pricing data.
Buybacks tend to be routine, and daily market swings don’t always line up with them. But the steady pace of repurchases draws focus to how fast BAT is shrinking its share count and the amount of cash it’s locking in during this quiet stretch before earnings.
But buybacks alone won’t carry the stock. If investors see the defensive rally as overcrowded, or if February’s update shakes cash-flow confidence, a minor early drop could snowball into a sustained de-rating.
Investors are eyeing clues on dividend capacity, debt trajectory, and the prospects for BAT’s nicotine portfolio, particularly in markets where pricing and regulation can shift volumes abruptly.
