BAE Systems Share Price Slips as Europe Defence Stocks Retreat on Rheinmetall Outlook

BAE Systems settled at 2,150 pence on Thursday, pulling back despite Berenberg lifting its price target and news of further buybacks under the company’s ongoing share repurchase programme.

Shares of BAE Systems surged 6.1% to 2,241.34 pence on Monday, lifted by a wave of buying in European defence names as traders responded to turmoil in the Middle East.

Shares of BAE Systems slipped roughly 1.1% to 2,007 pence in early London trade Tuesday, following a solid run in the previous session. Full-year results are expected Wednesday.

BAE Systems shares inched up early Wednesday in London as investors weighed new contract news linked to Ukraine aid and U.S. defence budgets. The stock rose roughly 0.1% to 1,933.5 pence, swinging between 1,919.5 and 1,940.5 during the session. It continues to trade within a 52-week range of 1,171 to 2,159.

BAE Systems shares closed Friday near 1,974 pence, ticking up 0.03% on the session. The defence giant hovered just shy of the 2,000p mark heading into the weekend.

BAE Systems plc shares crept up 0.3% to about 1,980 pence early Tuesday after a filing revealed the defence giant repurchased 106,953 shares for cancellation on Monday. The stock traded between 1,958 and 2,047 pence, with a volume-weighted average price of 2,000.85 pence, according to the report.

BAE Systems revealed on Wednesday that it repurchased 103,099 shares on Tuesday as part of its ongoing buyback programme, with plans to cancel them. The defence giant paid between 2,047 pence and 2,079 pence per share, according to a regulatory filing. The volume-weighted average price came in at 2,065.30 pence. So far, the company has repurchased 15.22 million shares in this tranche, which kicked off last July.

BAE Systems shares dipped 1.2% to about 2,060 pence on Tuesday, snapping a rally that had driven the defence giant to a 52-week peak. The stock fluctuated between 2,056 and 2,077 pence, after closing Monday at 2,086.

BAE Systems shares nudged up on Monday as the defence contractor announced a fresh round of share buybacks, providing steady support to its stock at the start of the week.

BAE Systems shares ended the week firmer after a sharp two-day run that left the stock close to recent highs. The stock closed at 2,053 pence on Friday, up 1.48%, after rising 5.04% on Thursday.