Global stocks were mixed on Tuesday, while the UK’s FTSE 100 was dragged lower amid a sell-off for Ashtead shares after it revealed plans to ditch its main London listing.
The FTSE index lost 71.72 points, or 0.86%, to close at 8,280.36.
Equipment rental firm Ashtead dropped to the bottom of the index with its share price down more than 12%, as investors reacted to plans to shift its primary listing to the US.
The company said Wall Street was the natural fit for its listing given that almost all of its earnings are made in North America and the majority of workers are based in the US.
It aims to move over in the next 12 to 18 months, but keep a UK listing in the international companies segment.
Meanwhile, it was a weaker session for France’s top stock market index, the Cac 40, which closed 1.14% lower.
Germany’s Dax struggled to keep its head above the water and closed 0.08% lower.
Over in the US, it was a tentative start to trading for its top indices, with the S&P 500 and Dow Jones more or less flat by the time European markets closed.
Financial markets are awaiting the latest US inflation data on Wednesday, which could guide the Federal Reserve’s decision on interest rates the following week.
The pound was up about 0.05% against the US dollar, at 1.276, and up 0.4% against the euro, at 1.213.
The price of Brent crude oil moved about 0.7% higher to 72.70 US dollars per barrel.
In other company news, shares in Moonpig tumbled after the greeting cards retailer reported a pre-tax loss for the first half of its financial year.
The online business said sales of its more expensive experience gifts dropped by a fifth year-on-year, with tougher economic conditions continuing to squeeze discretionary spending. Shares closed 14.6% lower.
Elsewhere, FirstGroup shares were given a boost as the company revealed it had re-entered the London bus market through the acquisition of one of the capital’s largest operators.
The transport company said it had agreed to buy RATP London in a deal worth £90 million.
FirstGroup said the takeover would grow its earnings in the medium-term and help it continue to grow across the UK. Shares in the company closed 6.5% higher.
The biggest risers on the FTSE 100 were British Land, up 5.8p to 372.2p, Sainsbury’s, up 3.2p to 272.8p, B&M European, up 4.3p to 367.4p, Tesco, up 3.8p to 368.6p, and Spirax, up 65p to 7,500p.
The biggest fallers on the FTSE 100 were Ashtead, down 880p to 5,392p, Antofagasta, down 63p to 1,752.5p, Vistry, down 23.5p to 686.5p, Rolls-Royce, down 16.6p to 565.8p, and Endeavour Mining, down 35p to 1,500p.