London, Feb 5, 2026, 09:11 GMT — Regular session
- National Grid shares edged up in early London trading, staying close to their recent peak levels
- Investors await the Bank of England’s rate decision due Thursday
- A filing revealed CEO Zoë Yujnovich was awarded a modest Sharesave option grant
National Grid plc (NG.L) shares inched higher on Thursday morning, last seen climbing about 0.2% to roughly 1,281 pence, following a 1.75% jump the day before. So far, trading has hovered between 1,269 and 1,287 pence, holding near a recent high close to 1,300 pence.
The modest rise is mainly driven by shifting rate expectations. The Bank of England is widely expected to hold its benchmark Bank Rate steady at 3.75% during its February meeting. The policy update is scheduled for 1200 GMT, followed by a press conference at 1230 GMT. “Despite sluggish growth and a weakening labour market, the BoE will want further evidence that inflation is falling towards its 2% target,” said James Mashiter, fixed-income portfolio manager at SEI. ING economist James Smith added the theme this week is probably “keeping options open.” Reuters
The UK market has increasingly favored defensive and “value” stocks as investors hold back, awaiting central bank cues. The FTSE 100 hit a record high on Wednesday. Axel Rudolph, senior financial analyst at IG, noted a shift “out of high-multiple growth names … into value-oriented stocks.” Reuters
A brief corporate update hit the tape. National Grid’s Chief Executive Zoë Yujnovich was granted a five-year option for 3,292 ordinary shares, according to a regulatory filing. The shares are priced at £9.28 each under the company’s 2025/26 Sharesave Plan, with the option first exercisable from April 1, 2031.
The filing wasn’t an open-market buy and the amount involved is small. Yet traders often scrutinize director transactions for any sign—real or not—of confidence, particularly when the stock trades near its recent highs.
National Grid runs electricity and gas networks across Britain and the U.S. Northeast. Its earnings are heavily influenced by regulators, turning the stock into a typical “bond proxy”—a term for firms with reliable cash flows whose valuations shift alongside interest rate changes and long-term government bond yields. Reuters
The risk runs the other way. Should the Bank of England signal a more cautious stance on future cuts, or if gilt yields continue climbing, rate-sensitive utilities could face swift pressure—even if the companies’ fundamentals remain unchanged.
National Grid’s next big date is May 14, when it will release its full-year results for 2025/26.
