London, March 2, 2026, 08:09 GMT — Regular session
- London Stock Exchange Group slipped 2.7% at the open, pulling back after last week’s buyback-driven jump.
- Oil prices shot higher, sparking a shift toward “risk-off” trades throughout markets.
- Investors are eyeing how the buyback gets executed, and whether activist Elliott keeps pushing for additional moves.
Shares of London Stock Exchange Group (LSEG) dropped 2.7% to 8,620 pence by 0809 GMT, pulling back from Friday’s close at 8,860, as surging oil prices weighed on risk appetite early in the week.
This shift is notable, with LSEG still wearing the badge of an “AI-exposed” data stock, and recent days have focused on whether management can calm nerves after activists turned up the heat. Monday’s macro jolt, though, threatens to push the company narrative to the background for the moment. Reuters
LSEG—operator of the London Stock Exchange and a key player in financial data and analytics—is drawing investor attention as a benchmark for valuations among exchanges and market-data companies. Its business spans data and analytics, index provision, risk and compliance solutions, trading venues, plus post-trade infrastructure.
Last week, the company unveiled a larger plan for returning cash to shareholders in its annual report, rolling out a new £3 billion share buyback program to wrap up by February 2027, and raising its dividend. “Today we’re announcing our plan to execute a further £3 billion of share buybacks,” chief executive David Schwimmer said. LSEG
Elliott Management revealed its stake, labeling the company’s latest moves a “positive first start” but pushing for further “value enhancing” measures to address what it views as a valuation gap with rivals. “We want growth,” said Stephen Yiu, chief investment officer at the Blue Whale growth fund, which owns shares in LSEG. For him, the buyback merely buys management more time. Reuters
The hefty buyback drew approval from investors and analysts, yet focus remained on the pace of underlying growth, especially for recurring subscriptions. Annual subscription value (ASV) at LSEG — which tracks contracted, repeat revenue across its main subscription units — climbed 5.9% in 2025, Reuters said, marking a slowdown versus the previous year.
Debate continues over just how much the stock might re-rate if artificial intelligence ends up shifting the way customers use market data and analytics. UBS analysts, in a Reuters piece published before earnings, put LSEG’s potential value at roughly 47 billion pounds if you apply peer multiples—well above the 39 billion pounds seen at the time. Elliott, according to the same report, wants a portfolio review and is targeting better margins.
Here’s the risk: with macro conditions still unpredictable, equities could remain unsettled, and LSEG’s growth numbers might not pick up quickly enough for the likes of activists or long-only shareholders. If valuations take another hit, the buyback risks looking like a defensive move, not a spark for the stock.
LSEG’s Q1 trading update—just revenues this time—and the annual meeting both land April 23. Investors are watching for new signals on growth and how quickly buybacks are running.
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