London, Jan 21, 2026, 09:35 GMT — Regular session
- Ashtead shares rose 1% in early London trade after two straight daily drops
- The group disclosed another round of buybacks under its $1.5 billion programme
- Investors are looking ahead to a March 2 buyback restart tied to the planned NYSE relisting
Ashtead Group shares rose 1% to 5,050 pence (£50.50) in early trading on Wednesday, steadying after a two-session slide that pulled the stock back to around £50. (London South East)
The equipment rental group has been leaning on buybacks to return cash as it prepares to shift its primary listing to New York. Chief executive Brendan Horgan said the company was “announcing a new share buyback programme of $1.5bn commencing 2 March 2026” alongside a relisting to the NYSE that “remains on track”.
Ashtead said earlier on Wednesday it bought 74,800 shares for treasury on Jan. 20 at an average price of 4,992.6443 pence, with J.P. Morgan Securities acting as broker. (Stockopedia)
A day earlier, the company disclosed the repurchase of 74,000 shares on Jan. 19 at an average price of 5,188.2968 pence, also through J.P. Morgan Securities. (Investegate)
The stock had fallen 2.15% on Tuesday to £50.00 after a 3.62% drop on Monday, leaving it down sharply over two sessions even before Wednesday’s bounce. (MarketWatch)
Buybacks matter because they reduce the share count. Shares held in treasury are effectively taken out of circulation, which can lift earnings per share if profits hold up, though they do not change demand in Ashtead’s end markets.
Ashtead runs Sunbelt Rentals and makes most of its money in North America, renting construction and industrial equipment across the United States and Canada as well as the UK. (Reuters)
That U.S. exposure is also the complication. A sharper slowdown in non-residential construction or weaker utilisation would hit rental demand and pricing, and buybacks can only do so much if cash generation softens.
The group is often viewed alongside U.S. rental names such as United Rentals, with sentiment swinging on interest rates, contractor activity and the timing of large project work.
The next clear marker is March 2, when Ashtead plans to start the new $1.5 billion buyback programme tied to the NYSE move, with investors watching for any shift in timetable as the relisting approaches.
