London pre-open: Stocks to edge higher as Asia pares losses

2nd Sep 2015 07:26

(ShareCast News) - London's FTSE 100 is being called to open higher on Wednesday as Asian shares pare losses into the close.City sources expect the index to open up 24 points at 6083.On the economic front, investors will eye the release of UK construction PMI at 0930 BST, while in the US, the ADP employment report is at 1330 BST and industrial new orders are due at 1500 BST.Ashtead interim profit beats expectationsIndustrial equipment rental firm Ashtead has reported better-than-expected first quarter pre-tax profits of £155m, up 23%. Underlying revenue was up 20% to £539.6m, while earnings before interest, tax, depreciation and amortisation jumped to £283m from £209m in the same period last year. Chief executive Geoff Drabble said the strong numbers reflected the company's diversification strategy, with its US Sunbelt arm delivering a 23% increase in revenue and its UK division also performing strongly.Car repairs and cycle parts retailer Halfords said like-for-like sales dropped 1.3% on the year in the eight weeks to August 28, while bike-related sales fell 11%. The company said this reflected greater levels of discounting as well as poor weather deterring casual cyclists.Online clothing retailer ASOS announced that after 15 years in the role, the founder of the company Nick Robertson is to stand down as chief executive officer but will stay on as a non-executive director. ASOS said it has appointed Nick Beighton as CEO and the changes will take effect immediately.Diploma announced that its chief operating officer Iain Henderson has decided to step down from the board at the conclusion of the AGM in January next year. After an orderly handover of responsibilities, he will retire from Diploma on 31 March 2016.