US-focused Ashtead today dealt a fresh blow to the London stock market by announcing plans to shift its primary listing to New York. The proposed move came as the Sunbelt equipment hire firm downgraded profit guidance due to the impact of higher interest rates on US construction markets.

One of the UK’s leading blue-chip companies is preparing to shift its listing from London to New York, dealing yet another blow to Britain’s beleaguered stock market.

The FTSE 100 equipment rental company said moving its primary listing to the U.S. increase it exposure to investors and allow for its inclusion in “premier U.S. equity indices.”