London, February 9, 2026, 09:16 (GMT) — Regular session
National Grid NG.L ticked up 0.31% to 1,289 pence as of 0915 GMT. The stock kicked off the session at 1,290.5, swinging between 1,280.5 and 1,292.5. That puts it not far from its 52-week peak at 1,300.5 pence. Market cap sits close to 64.1 billion pounds, Investing.com figures show.
Sterling slipped Monday after Prime Minister Keir Starmer’s chief of staff resigned, a fresh jolt that’s now weighing on rate bets. The euro advanced 0.52% to 87.24 pence, while the pound lost 0.16% to trade at $1.359. “Expect pressure to remain on both sterling and gilts,” said Chris Turner, ING’s head of global markets, citing continued strain on Britain’s government bonds. Reuters
This has real implications for National Grid. Utilities tend to be seen as “bond proxies,” favored for their reliable dividends. That means sharp moves in government bond yields can hit valuations fast. Higher yields? The sector loses some shine. Rate cuts on the horizon, though, can quickly pull investors back in.
National Grid operates the power and gas networks in Britain, and holds regulated assets across the northeastern U.S.—dollar-based revenue streams. That leaves the company vulnerable to currency swings when it posts results, since earnings from abroad have to be converted into pounds.
London stocks edged up at the open, the FTSE adding 0.23% in early moves.
Risk appetite held up worldwide, following a surge in Asian equities that pushed Japan’s Nikkei to an all-time high. European futures ticked higher. That environment gave defensives enough support to hold their footing at the open, despite the pound coming under pressure as UK politics stirred uncertainty.
Yet that so-called “safe” play isn’t bulletproof. If gilts see a steeper drop, or corporate borrowing spreads start to widen, financing costs spike for tightly regulated network companies—eroding the case for those dividend-loaded shares.
Investors are watching closely for changes in UK rate-cut expectations, especially after last week’s Bank of England call and the latest political headlines—both have the power to jolt sterling and longer-maturity yields fast.
National Grid’s next big scheduled event lands on May 14, with the release of its 2025/26 full-year numbers. Investors will be watching closely for details on capital expenditure, funding strategies, and any changes to dividend forecasts.
