London, February 13, 2026, 08:53 GMT — Regular session
- Ashtead shares slipped early in London, losing ground after rebounding for two straight sessions.
- The company reported it had executed an additional round of share buybacks as part of its ongoing repurchase program.
- Investors eye late-February moves tied to the U.S. listing and circle March as the target date.
Ashtead Group shares edged down 0.7% to 5,232 pence as of 0837 GMT, pulling back after a brisk two-day rally. The FTSE 100 equipment-rental firm finished Thursday at 5,270 pence, marking a roughly 5% advance since Tuesday’s close. (Share Prices)
Ashtead eased after the group announced a new chunk of buybacks. On Feb. 12, it bought back 86,300 ordinary shares at an average price of 5,188.3804 pence each. The trades, handled through J.P. Morgan Securities, took place between 5,124 pence and 5,246 pence. (Investegate)
Here’s why it matters: the buyback tape is now part of the daily Ashtead story, especially as the company moves toward a shift in its trading structure. Reducing the share count through repurchases can lift earnings per share, regardless of any improvement in the rental market itself.
Ashtead shares managed a 2.29% gain Thursday, defying the broader drop in the FTSE 100, which slipped 0.67%. Volume surged past typical levels, suggesting buyers were eager to catch the upswing. (MarketWatch)
Macro signals remain murky, muddying conviction for investors. UK GDP edged up just 0.1% in the fourth quarter—missing the 0.2% that economists had penciled in. Construction output took a sharper turn, dropping 2.1%, according to data released Thursday. “There were some tentative signs that sentiment turned a corner,” Aberdeen’s deputy chief economist Luke Bartholomew said, adding that this could easily unwind. (Reuters)
Although Ashtead trades in London, most of its operations happen in North America, where it uses the Sunbelt Rentals brand. For traders, UK figures typically influence sentiment more than they reflect actual demand for Ashtead. Still, rate expectations play a role—they matter for a cyclical name and for customers hiring equipment as projects pick up.
Corporate moves take center stage here. Ashtead revealed back in late January that Sunbelt Rentals Holdings dropped its Form 10 registration statement with the U.S. Securities and Exchange Commission on Jan. 27, expecting it to go effective automatically on Feb. 26. The company also flagged that its UK court-sanctioned scheme of arrangement should kick in on Feb. 27, while dual listings on the NYSE and London Stock Exchange—under “SUNB”—are lined up for March 2. (Lloydsbank)
For now, the buyback provides a kind of ongoing support, but it’s not a hedge. There’s no boost to rental demand out on job sites, and if fleet utilisation falters or pricing drops, it won’t offer protection.
When it comes to pricing the cycle, Ashtead’s U.S. rental peers are the standard benchmarks. Traders keep a close eye out for signals tied to non-residential construction, industrial projects, or emergency-response work—any of which can swing utilisation in a hurry.
Still, risks are hard to ignore. If U.S. construction slows, rental rates and margins will likely feel the squeeze. Any holdup in the relisting schedule could also shift what’s now a date-focused trade into a drawn-out saga—locking up both cash and focus in the process.
Investors eye the morning buyback filings, track the late-February U.S. registration moves, and wait to see if Ashtead sustains this week’s rally through the March 2 SUNB trading target.
