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CRH: low valuations and volumes make London listings easy to dump

New York does not guarantee higher valuations or more local deals but it is a larger, more liquid market
Average daily trading volumes in CRH shares have declined over the past 10 years, as they have across the FTSE 350

London Stock Exchange Group’s reaction to losing CRH is surprisingly sanguine. The Irish building materials company is joining the exodus from the City with plans to switch its primary listing from London to New York. Politicians will trade barbs about the impact of Brexit. Yet LSEG chief executive David Schwimmer simply says it is “what it is.”

CRH claims it is simply following its business growth to the US. In reality, it is following liquidity and valuations. Average daily trading volumes in CRH shares have declined over the past 10 years, as they have across the FTSE 350.

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