8.03am: Ashtead plans to switch primary listing to US
Industrial equipment rental firm Ashtead Group (LON:AHT) PLC has proposed switching its primary listing from the UK to the US in yet another blow to London.
“The board has concluded that the US market is the natural long-term listing venue for the group and that moving to a US primary listing is in the best interests of the business and its stakeholders,” it said on Tuesday.
Potential benefits would include “enhanced overall liquidity in the group's shares given access to deeper US capital markets,” FTSE 100-listed Ashtead noted.
Ashtead, which said the move was subject to shareholder approval, would follow other former FTSE 100 constituents in seeking out better fortunes across the Atlantic, such as Paddy Power owner Flutter Entertainment PLC (LON:FLTRF) (LSE:FLTR) and CRH PLC (LSE:NYSE:CRH (LON:CRH), NYSE:CRH)... Read more
7.37am: Centrica hikes buyback by £300mln
British Gas owner Centrica PLC (LSE:CNA) has unveiled a £300 million extension to its share buyback programme ahead of an investor event on Tuesday.
Additional repurchases would mean Centrica had bought back £1.5 billion worth of shares, or 20% of its issued capital, since November 2022, it said.
Centrica also noted full-year earnings were set to meet analysts’ expectations for 18.5p a share, leaving mean net cash in line with forecasts for £2.56 billion.
Centrica’s offered to update ahead of a “teach-in” event on Tuesday around its energy and meter asset provider businesses... Read more
7.10am: Stocks set for drop
The FTSE 100 was set to give up some of Monday’s gains on Tuesday, with futures pointing to an 18-point drop to 8,325.
London’s blue chips had racked up a 43-point gain on Monday, aided by a rally among mining stocks after Beijing pledged further stimulus measures for next year.
Overnight, Asian markets had a mixed showing. South Korea’s Kospi rallied after recent drops in the wake of political uncertainty around last week’s martial law declaration.
Back in London, attention was on trading updates from Ashtead and Moonpig, as well as Centrica’s investor day.
5.00am: Tuesday's schedule
Centrica, Moonpig and Ashtead will be among those to update on a busy Tuesday.
Commentary around Ashtead's outlook on an expected spending spree under incoming president Donald Trump will be watched for... Read more
Moonpig will need to prove positive momentum has continued after an upbeat update last time out... Read more
Centrica's investor event is set to draw attention as analysts anticipate a guidance hike... Read more
Announcements due:
Trading updates: Centrica PLC (LSE:CNA)
Interims: Ashtead Group PLC, Ferguson PLC (LON:FERG), Moonpig Group PLC (LON:MOONM), Solid State PLC
Finals: Ncc Group PLC
AGMs: Agriterra Ltd, Ashoka India Equity Inv Trust PLc, Fidelity Emerging Markets Ltd, Henderson International Income (LON:HINT) Trust PLC, Ruffer Investment Co Ltd, Schroder Japan Trust PLC
Economic announcements: Consumer Price Index (GER)