London, January 15, 2026, 08:46 GMT — Regular session.
- Shares of National Grid gained roughly 0.6% shortly after the open.
- A recent filing revealed a slight rise in the share count following the interim scrip dividend.
- UK inflation figures due Jan. 21, followed by the BoE meeting on Feb. 5, are set to drive the next major rate moves.
National Grid (NG.L) shares ticked up in early London trade Thursday, rising 0.6% to 1,174 pence, following a 1,167 pence finish. 1
Gilts—UK government bonds—rallied, knocking yields lower and easing pressure on income stocks. The 10-year gilt yield dipped to 4.34%. Citigroup strategist Jamie Searle described gilts as “a preferred long for 2026.” 2
National Grid informed investors that following the interim dividend, where some opted for shares instead of cash, it issued 7,084,688 new shares via its scrip dividend scheme. This brings the total with voting rights to 4,968,662,639 — the number used for UK disclosure purposes.
The broader FTSE 100 barely budged in early trading, with attention firmly on interest rates rather than any index momentum. 3
UK figures out Thursday revealed the economy expanded 0.3% in November, beating expectations. This adds weight to calls that the Bank of England could consider easing again if inflation continues to ease. 4
National Grid dropped 2.1% in the last session, underperforming a mostly flat market. Trading volume fell short of its recent average, according to MarketWatch data.
Utilities like National Grid often behave as “bond proxies,” with their dividends gaining appeal when yields drop. But hefty investment programs also make them vulnerable to changes in borrowing costs.
Bank of England rate-setter Alan Taylor chimed in on the rate-cut chatter this week, saying interest rates ought to remain on “a downward path” as long as the data align with his inflation forecast. 5
The setup can shift quickly. A bounce in yields, a hotter inflation report, or fresh turmoil in the bond market could slam utilities fast. On top of that, scrip dividends keep chipping away with steady dilution, even if each hit is minor.
UK consumer price inflation figures are set for release on January 21, with the Bank of England’s upcoming policy decision slated for February 5. Investors in National Grid will be eyeing the company’s full-year results for 2025/26, due May 14. 6
