LONDON - Shares in building materials giant CRH soared 11% after it announced plans to switch its primary listing to New York from London.
The move is likely to be seen as a blow for London's top-tier FTSE 100 shares index as it seeks to remain a strong global force amid increased competition following Brexit.
The Dublin-based company said the "US is expected to be a key driver of future growth for CRH", while North America already represents about 75 percent of the group's earnings before interest, taxes, depreciation and amortisation (EBITDA).
"We have now come to the conclusion that a US primary listing would bring increased commercial, operational and acquisition opportunities for CRH," it added in a statement.
The group will remain headquartered in Ireland.
CRH shares were up 11 percent at £43.95 ($52.72), topping the FTSE 100 thanks also to strong annual earnings.
"Plans to abandon London for New York is a bitter blow for the former," noted Neil Wilson, chief market analyst at Finalto.
"The move is pragmatic for the board but far more symbolic for the London Stock Exchange and the City" financial district in the capital.