Ashtead Plans to Move Primary Listing to US in Blow to London

Construction equipment rental company Ashtead Group Plc delivered the latest setback to the UK stock market as it proposed moving its primary listing from London to the US.

The US is “the natural long-term listing venue for the group,” according to a statement from the firm, which reports in dollars and gets almost all its operating profit from North America.

Ashtead shares fell as much as 12% after it also cut its full-year forecast for rental revenue as a result of commercial construction market dynamics in the US, and announced plans for a buyback program of up to $1.5 billion ...