'Knock-back for London' as AstraZeneca sells shares directly on rival New York Stock Exchange

One of the UK's most valuable listed companies is to sell its shares directly on the rival New York Stock Exchange, in a move described as a "knock back for London".

While AstraZeneca will maintain its headquarters in the UK and its primary stock listing on the London Stock Exchange, the news can be seen as a move away from London.

"Although there has been no suggestion that AstraZeneca is imminently going to up sticks and move its primary listing from London, there may be some nervousness this morning around the risk that the UK market might lose one of its largest constituents," said Russ Mould, the investment director of investment platform AJ Bell.

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AstraZeneca exit is a frightening prospect for the City and the government

The news "does at least hint at the possibility