Rolls-Royce shares jump on fresh buyback update as defense stocks rally
Rolls-Royce shares firmed on Thursday after the company disclosed another round of share repurchases, buying 434,889 shares on Jan. 7 through UBS and saying it would cancel them. The purchase, split between the London Stock Exchange and CBOE CXE, was done at prices between 1,244 and 1,268 pence a share, and brings the total bought back since the program began to 1,843,755 shares, the company said. The buyback matters now because it is running into a key stretch for the jet engine maker, with investors watching whether capital returns keep rising alongside cash generation. Rolls-Royce announced the £200 million interim buyback in December after finishing a £1 billion buyback in November, and said the interim program runs from Jan. 2 to no later than Feb. 24, ahead of full-year results due Feb. 26. rolls-royce.com