London, Jan 31, 2026, 09:31 GMT — The markets have now shut down.
- On Friday in London, Smith & Nephew shares rose, beating the broader market.
- Fitch assigned the medtech group a BBB+ rating, confirming its investment-grade status, with a stable outlook.
- Focus shifts to next week’s rate decisions and the company’s full-year results, set for March 2.
Smith & Nephew (SN.L) shares climbed 2.35% on Friday, finishing near 1,242 pence in London after trading between 1,217 and 1,255.77 pence. The rise outpaced the FTSE 100’s 0.51% gain, pushing the medical-device firm’s market cap to about £10.54 billion. (Hargreaves Lansdown)
Fitch Ratings assigned Smith & Nephew a “BBB+” long-term issuer default rating on Friday, keeping a stable outlook intact. This puts the company solidly in the investment-grade bracket, a category many bond investors prefer. (Fitch Ratings)
The rating arrives ahead of Smith & Nephew’s Q4 and full-year earnings release set for March 2. On its investor page, the company says it aims to keep investment-grade credit ratings and hold leverage around 2x, while keeping room for acquisitions. (Smith & Nephew)
With the London market shut until Monday, Feb. 2, traders are focused on major macro events that could shake up sterling and the dollar. The Bank of England will announce its next rate decision on Feb. 5, just ahead of the U.S. payrolls report due Feb. 6. (Bank of England)
Smith & Nephew revealed in January plans to buy U.S. company Integrity Orthopaedics for up to $450 million. They will pay $225 million upfront, with the rest tied to hitting performance targets. The acquisition will be financed from Smith & Nephew’s existing cash reserves. (Reuters)
Back in December, the group set medium-term targets aiming for more than $1 billion in free cash flow by 2028, alongside 6% to 7% annual underlying revenue growth, excluding currency swings and deal effects. Jack Reynolds-Clark of RBC Capital Markets said the higher goals left him “nervous until the company can demonstrate reliably that it can generate this growth.” (Reuters)
For equity investors, the key question is straightforward: does the March update warrant a rerating of the shares? More than another slide deck, what will matter is the guidance for 2026, insights on cash flow, and any clues on pricing trends in orthopaedics.
Still, the stock might take a sharp hit if procedure volumes decline or if hospitals step up resistance on pricing for hips, knees, and sports medicine implants. Margin gains hinge largely on flawless execution — supply chain disruptions or an unfavorable currency mix could quickly eat into those improvements.
Smith & Nephew’s orthopaedics unit competes directly with bigger names like Stryker and Zimmer Biomet, while its wound-care business contends with Convatec. Even when the company itself sees little activity, movements in the broader healthcare market can still rattle its stock.
Trading picks up again Monday, with Friday’s credit news still in play. Attention is already turning ahead. Smith & Nephew’s earnings report on March 2 is in the spotlight, as investors look for 2026 guidance and progress on deal integration.
