The FTSE 100 will lose one of its biggest companies after the building materials group CRH said it plans to move its primary stock market listing to the US, in a further blow to Rishi Sunak’s ambitions for London as a global financial centre. CRH, which has its headquarters in Dublin, said it will aim for “US equity index inclusion as soon as possible” in a statement to the stock market. Sunak has pushed for new rules to make London a more attractive destination for companies to list their shares. However, several companies have in recent months reportedly either rejected the UK or considered leaving. The prime minister met the leader of Arm and its Japanese owner, SoftBank, in an effort to persuade the chip designer to list in its home country. However, Arm has decided against selling shares in London, Bloomberg News reported on Wednesday. The oil company Shell considered moving its headquarters and listing from London to the US before opting to ditch a second share listing in the Netherlands in favour of remaining in the UK, the Financial Times reported this week. Russ Mould, investment director at the AJ Bell platform, said: “So much for making London the go-to place for companies to list their shares. London Stock Exchange is having to work overtime just to keep those already listed, let alone attract new ones. “Efforts to relax the listing rules to attract more companies to London come across as a bit desperate. It should be a badge of honour to list in the UK, but that reputation is dwindling fast. “Overseas investors lost interest in the trading venue as soon as the UK voted in favour of Brexit, and valuations have got even cheaper. That’s hardly a good sales pitch to attract more big companies to the UK market.” It comes amid broader concerns over London’s status as a global financial hub. London’s productivity growth has trailed behind international competitors since the financial crisis in 2007, according to a report published on Thursday by the thinktank, Centre for Cities. The centre said rising costs for office space had eaten up spending that could have gone on innovation, while higher house prices and more restrictive immigration policies had made it harder to attract talented people. CRH said its decision was driven by the fact that 75% of its earnings come from North America. It will follow the plumbing and heating equipment supplier Ferguson, known as Wolseley before it changed its name to the US brand in 2017, and moved its listing from London to New York in May last year. CRH’s market value was £29bn on Wednesday evening before the announcement. Its share price jumped by nearly 11% on Thursday morning to its highest ever level above £44. In its statement, CRH said: “We have now come to the conclusion that a US primary listing would bring increased commercial, operational and acquisition opportunities for CRH, further accelerating our successful integrated solutions strategy and delivering even higher levels of profitability, returns and cash for our shareholders.” CRH said it will talk to its investors about why the move would be “in the best interests of our business and our shareholders”, with a further update to be provided on 26 April. It plans to keep its corporate headquarters in Ireland.