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<\/p>\nA host of household names could quit the stock market in a \u00a3600billion exodus from London, analysts have warned.<\/p>\n
AstraZeneca, Shell, BP and Rio Tinto, are among those seen to be ‘at risk’ of moving their main listings to New York in what would be a devastating blow to the City.<\/p>\n
Analysis by broker AJ Bell identified ten London-listed firms that do so much business in the US, or have so many shareholders there, that they may be tempted to make the switch.<\/p>\n
The combined value of the firms \u2013 which also include Compass, Experian, Bunzl, Smith & Nephew,\u00a0Rentokil and Fresnillo \u2013\u00a0is \u00a3620billion.<\/p>\n
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No respite: A host of household names could quit the stock market in a \u00a3600billion exodus from London, which would be a blow to Rachel Reeves<\/p>\n
‘An onslaught of UK-listed companies upping sticks for the US would be terrible for the reputation of the London market,’ said Dan Coatsworth at AJ Bell.<\/p>\n
Miners Glencore and Anglo American, worth a combined \u00a373billion, have ruled out moving to New York. But it is feared an exodus by other top firms could see them change their mind.<\/p>\n
CRH, Flutter, Indivior and Ferguson have made the switch while Ashtead and Wise are in the process of moving. Coatsworth said there is a list of UK firms that could ‘make a good argument for switching their main stock listing to the US.’<\/p>\n
He added: ‘The more companies that move, the more the topic will be discussed in the boardroom by other companies that have a US presence.’<\/p>\n
The latest bout of anxiety about an exodus comes after AstraZeneca last week announced plans for a full listing in New York alongside London \u2013 sparking fears it could lead to a permanent move.<\/p>\n
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