London, Feb 4, 2026, 08:43 GMT — Regular session
NatWest Group Plc (NWG.L) shares climbed 1.3% to 703 pence in early London trading on Wednesday, hitting a new 52-week peak. The stock kicked off at 697.4 pence and was last seen fluctuating between 695 and 703 pence on 15-minute delayed data, compared to a previous close of 694.2 pence.
The sector rally continued, shining a spotlight back on UK lenders as the FTSE 100 hit a record high Monday. Banks climbed to their highest levels since 2008, with NatWest and Barclays each gaining around 2.7%, according to Reuters data. “The record close reflected improving global risk sentiment,” said Ipek Ozkardeskaya, senior analyst at Swissquote Bank. Reuters
Rate expectations continue to drive sentiment. The Bank of England is widely expected to keep its Bank Rate steady at 3.75% this week, with cuts anticipated later in the year—a key factor for lenders’ earnings forecasts. “Markets now think the Bank of England will wait until probably the May policy meeting before cutting rates further,” said Lee Hardman, senior currency analyst at MUFG. Reuters
NatWest came under the spotlight after Bloomberg News reported Tuesday that it and Banco Santander are considering selling several billion pounds of UK pension assets to an insurer, sources familiar with the matter said. Both Santander and NatWest have declined to comment.
NatWest revealed in a regulatory filing Tuesday that it repurchased 767,600 shares at a volume-weighted average price of 694.55 pence under its ongoing share buyback programme. The bank plans to cancel these shares, reducing the treasury stock to 218.6 million. There are now roughly 7.99 billion shares outstanding, excluding treasury stock.
Bank stocks’ next move could depend as much on the Bank of England’s tone as on its actual decision. “We expect Bank Rate to be cut twice this year. The timing of those rate cuts, however, is coming increasingly into question,” said Sanjay Raja, Deutsche Bank’s chief UK economist. Reuters
NatWest is gearing up to release its annual results at 0700 GMT on Feb. 13, followed by management and fixed-income presentations throughout the morning and early afternoon. Investors will be watching closely for clues on earnings, cost control, and the speed of buybacks as the bank navigates a prolonged low-rate environment.
Traders will be watching the Bank of England’s Monetary Policy Summary and minutes on Thursday for any updates on inflation and wage growth language. The central bank announced the package will be released at 12 p.m. on Feb. 5.
