Equipment rental company Ashtead (AHT.L) announced last week that it planned to move its primary stock listing from London to New York.

In an announcement, Ashtead explained that it is "substantially a US business, reporting in US dollars, with almost all the group's operating profit (98% in FY24) derived from North America, which is also the core growth market for the business."

Under the plans, Ashtead said it would still keep a UK listing as an international company. The company said it would next discuss the move with shareholders before putting it forward as a formal resolution for approval and expected any changes to be implemented over the next 12 to 18 months.

Ashtead's plans follows a number of major firms choosing New York over the London market in the past few years.

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Earlier this year, gambling giant Flutter Entertainment moved its primary listing to New York and building materials giant CRH (CRH) did so last year. Meanwhile, Cambridge-headquartered microchip company Arm (ARM) decided to list in New York last year.

That said, French broadcaster Canal+ (CAN.L) did make its debut on the London market on Monday morning, though the stock had slid nearly 21% by lunchtime. The company is one of three that has been spun out from media holding company Vivendi (VIV.PA).

UK chancellor Rachel Reeves said on Friday that the decision by Canal+ to list in London was a "vote of confidence" in the UK market.

Russ Mould, investment director at AJ Bell (AJB.L), said: "Choosing London for Canal+ is important as it is the biggest company to join the UK stock market since changes to the listing rules in the summer and under the newly installed Labour government.

"If Canal+ does well, it could act as a shop window for other big names to float in London and help replenish the pot that has been shrunk by takeovers and delistings."

In a poll last week, as we asked whether you thought London was still an appealing place for companies to list their shares. We received 235 votes, with 28% agreeing that the UK was still a good place to list. However, a majority of 55% disagreed, while 17% were undecided on the matter.

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