London, Jan 11, 2026, 09:12 GMT — Market closed
- Ashtead closed Friday 2% higher at 5,594 pence, outpacing the FTSE 100
- Investors are focused on the schedule for the upcoming NYSE relisting and the announcement of a $1.5 billion buyback.
- The next cash event is the half-year dividend payment scheduled for Feb. 6
Ashtead Group (AHT.L) shares climbed 2.01% on Friday, closing at 5,594 pence and beating the FTSE 100’s 0.8% gain. The stock traded 1.2 million shares and finished roughly 4.4% below its 52-week peak from Jan. 2, setting it up close to that level as London markets reopen Monday, Jan. 12. (MarketWatch)
The timing matters less because of Sunday’s closed tape and more due to what’s coming next: Ashtead’s move to a U.S. primary listing and its linked buyback. On Dec. 10, the company announced a $1.5 billion repurchase plan — a buyback, where a firm buys back its own shares, usually reducing outstanding stock — set to begin once the new holding company’s shares start trading on both the NYSE and LSE, expected March 2, and to wrap up no later than June 24. (Investegate)
Chief executive Brendan Horgan noted in the latest results that “mega project activity gained momentum,” even as local non-residential construction stayed softer. The company announced a $1.5 billion buyback set to start on March 2, 2026. The NYSE relisting “remains on track,” with an investor day planned in New York City this March. (Ashtead Group)
Friday’s gains unfolded amid a wider risk-on mood in London. The FTSE 100 hit a record closing high, buoyed by Glencore’s surge on merger chatter and a U.S. jobs report that left room for Federal Reserve rate cuts, Reuters noted. (Reuters)
U.S.-listed equipment rental stocks showed mixed results Friday. United Rentals climbed 2.28%, but Herc Holdings fell 0.44%. This split highlights how the sector remains closely tied to the U.S. economic cycle and interest rate moves, beyond any single company’s news. (MarketWatch)
Ashtead, known for its Sunbelt Rentals brand and with most profits coming from the U.S., has been gearing up for this transition for months. Back in June, it predicted fiscal 2026 rental revenue growth between flat and 4%, citing data centres, semiconductors, and LNG projects as offsets to the challenges in U.S. commercial construction, which is struggling under higher interest rates. The company also confirmed it remains on track to switch its listing in the first quarter of 2026. (Reuters)
Income investors have a date to watch. Ashtead’s half-year dividend of 37.5 U.S. cents per share went ex-dividend on Jan. 8, so anyone buying after that missed out. The payout is scheduled for Feb. 6. (Ashtead Group)
Analysts had flagged the near-term trading outlook as challenging. RBC Capital Markets analysts noted back in December that “Q2 was set to be a soggy quarter,” citing squeezed EBITDA margins — a stand-in for cash operating profit — due to softer hurricane-driven demand and rising internal repair expenses. (Reuters)
However, several factors remain in flux. Should U.S. non-residential construction continue to lag, rental volumes and prices could weaken fast. A re-listing carries operational risks too — delays, added expenses, and shifts in positioning might rattle a stock that’s already climbed.
Looking ahead to next week, the key question is if Ashtead can maintain Friday’s levels when the London market opens on Jan. 12. Traders will also be monitoring if the rally sparked by recent jobs data continues to ease U.S. rate expectations.
