London's Stock Market Braces for Major Blow as Blue-Chip Giants Eye US Move

London's Stock Market Braces for Major Blow as Blue-Chip Giants Eye US Move

London's stock market could face a major blow as ten blue-chip companies, valued at a combined £620 billion, are reportedly considering moving their primary listings to New York. This potential exodus follows AstraZeneca's recent announcement of a dual listing in the US. However, two major miners, Glencore and Anglo American, have ruled out such a move.

AJ Bell analyst Dan Coatsworth has identified these ten companies, although their names remain undisclosed. The decision to relocate comes amidst growing interest from UK firms with significant US presence, with CRH, Flutter, Indivior, and Ferguson already making the switch, and Ashtead and Wise in the process. AstraZeneca's recent move has sparked further discussion among these companies.

The potential departure of these firms, including pharmaceutical giants AstraZeneca, oil and gas majors Shell and BP, and mining giant Rio Tinto, could significantly impact the London Stock Exchange's reputation and influence. The combined value of these companies is a substantial £620 billion, making their departure a significant loss for the UK market.

While the full list of companies considering the move remains unknown, their potential departure could spark a wider conversation among UK companies with significant US presence. The London Stock Exchange, currently the world's fourth-largest stock exchange, must address these concerns to prevent further erosion of its reputation and influence.

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