London, Feb 12, 2026, 09:41 GMT — Trading underway
- Ashtead Group shares climbed roughly 1% during early trading in London
- Company revealed another portion of its ongoing $1.5 billion buyback
- UK GDP falls short, fueling chatter about rate cuts; eyes remain on U.S. listing schedule as the crucial date
Ashtead Group (AHT.L) shares climbed Thursday following the equipment rental company’s announcement of another share buyback, continuing its consistent repurchase streak. By 0941 GMT, the stock had gained 1.1% to 5,210 pence, outpacing the FTSE 100, which was up roughly 0.4%. (Hargreaves Lansdown)
This shift is crucial as Ashtead restructures both its cash return strategy and trading setup, gearing up for a U.S. primary listing to take over the current one in the next few weeks. Buybacks—where the company repurchases its own shares—help boost earnings per share by lowering the number of shares outstanding, but they don’t affect the actual demand at construction sites.
Ashtead announced in a regulatory filing that it repurchased 88,700 shares on February 11, paying an average of 5,074.8693 pence each through J.P. Morgan Securities. The company will hold these shares in treasury—meaning they remain on its balance sheet instead of being cancelled—bringing its total treasury shares to 36.6 million. (Investegate)
On Thursday, UK data shifted rate expectations once more, even though Ashtead’s operations mainly focus on North America. Official figures revealed Britain’s economy expanded just 0.1% in Q4, missing the 0.2% forecast. Construction output slipped 2.1%, while business investment fell nearly 3%. Luke Bartholomew, deputy chief economist at Aberdeen, noted survey data suggested “sentiment turned a corner” after last year’s budget but cautioned that the uptick might not last. (Reuters)
Ashtead investors know rates are a powerful driver. When borrowing costs drop, construction and major industrial projects often pick up, boosting rental volumes and prices down the line. But if the year kicks off sluggishly, fleets can sit idle, and rental firms tend to feel the pinch fast.
European stocks climbed to record levels, buoyed by strong earnings reports, as the broader equity sentiment remained positive. The STOXX 600 gained 0.7% by 0809 GMT, according to Reuters data. (Reuters)
Ashtead, listed in London and primarily running under the Sunbelt Rentals brand, occupies a cyclical niche where investors react quickly to the latest data. It goes head-to-head with U.S. rivals like United Rentals for market share in a sector linked to construction and industrial work.
Ashtead revealed in late January that Sunbelt Rentals Holdings submitted a Form 10 registration statement to the U.S. Securities and Exchange Commission—a necessary step before going public. A UK court-approved “scheme of arrangement” should establish the new U.S. parent company before trading kicks off. The company expects to list on both the NYSE and London Stock Exchange on Monday, March 2, under the ticker “SUNB.” (Lloydsbank)
That said, risks remain. If construction slows more than expected, utilisation and rental rates could come under strain. Plus, the listing schedule has multiple dependencies and might slip if approvals drag on longer than anticipated.
The next key dates are coming up fast. Traders will keep an eye on any shifts in the late-February timeline for the U.S. registration and court procedures. The March 2 admission target remains the major trigger for the stock’s movement.
