London, Feb 24, 2026, 09:24 GMT — Regular session
- Imperial Brands slipped 1.8% at the open, erasing a slice of Monday’s advance.
- Late Monday, the company announced it’s buying back more shares for cancellation.
- This week, UK lawmakers kick off another round of debate over tobacco and vaping regulations.
Imperial Brands IMB.L dipped 1.8% to 3,241 pence right after the open in London on Tuesday, down from Monday’s 3,300 pence close. Shares kicked off the session at 3,308 pence, touching a low of 3,234 as 168,138 shares changed hands. That leaves the stock sitting nearly 3% under its Feb. 6, 52-week high of 3,341 pence.
Investors are weighing cash returns against regulatory risks as the UK’s Tobacco and Vapes Bill hits its report stage in the House of Lords this Tuesday. Lawmakers will get their chance to push through changes, picking apart the bill one clause at a time.
Tobacco shares can swing sharply, even when little’s happening. Imperial remains pegged to its dividends and buybacks, with regulation always lurking in the background.
Imperial reported Monday it bought back 597,332 ordinary shares for cancellation, paying an average of 3,264.45 pence apiece. Prices in the trades ranged from 3,219.00 to 3,296.00 pence. The company noted these purchases are part of its ongoing £1.45 billion share repurchase programme. Once settled and cancelled, Imperial will have 789,357,100 shares in issue, excluding treasury shares.
Shares of British American Tobacco BATS.L slipped 0.4% to 4,579 pence in early deals.
Buybacks boil down to basic math: with fewer shares in play, earnings per share get a boost—even if overall profit holds steady. Still, when sentiment sours or the only thing moving is the price itself, that won’t keep traders from putting pressure on the stock.
“Report stage” might sound technical, but markets pay close attention since it can reshape a bill in a hurry. When it comes to tobacco, amendments at this point could bring stricter marketing limits, shift how enforcement works, or push back compliance deadlines.
Politics isn’t a one-way street here. The bill might end up tougher than investors are bracing for—or it could stall out entirely. Both scenarios throw a wrench into predicting legal volumes and pricing.
Imperial has its final dividend set for March 31, with a trading update following on April 14. Traders are keeping an eye on any news emerging from the Lords debate before shifting focus to that April update, looking for a clearer sense of momentum.
