FTSE closes positive, follows Wall Street gains

By Kit Rees and Alistair Smout LONDON (Reuters) - Britain's leading share index ended higher on Wednesday, buoyed by results from industrial equipment hire group Ashtead and by opening gains on Wall Street [.N]. The FTSE 100 <.FTSE> closed up at 24.77 points, or 0.4 percent, at 6,083.31, broadly in line with European indexes and Wall Street. Stocks were more upbeat as investors bet that the U.S. Federal Reserve might delay a much-anticipated rate hike and took comfort from the latest Chinese moves to calm volatile markets. Data from the United States showed strong second quarter non-farm productivity but weaker-than-expected private jobs figures. The jobs figures helped to support U.S. stocks on the grounds that a weak picture could deter the Fed from raising rates. But Friday's more comprehensive non-farm payrolls data could carry more weight. "Really strong (U.S. non-farm payroll) results would send equities lower, because it brings on the prospect of a rate hike in September," Jasper Lawler, analyst at CMC Markets, said. The FTSE 100 index drew support from gains in mining companies as the price of copper rebounded, although an 8 percent drop in Glencore shares demonstrated continued volatility. Traders cited uncertainty over possible equity issuance and the outlook in China as fuelling short bets on the stock, which fell to an all-time low. "Even the China-exposed names, such as miners, we think have fallen too far. Much of the negative news is priced in as the PMI data was not a surprise and we were expecting a weak print," Atif Latif, director of trading at Guardian Stockbrokers, said. Ashtead, the biggest gainer, was up 7.8 percent after posting a first-quarter profit rise helped by a rebound in U.S. construction markets. "Progress in the quarter is thanks to strong execution and a strategy of geographical and sector diversification ... as well as a seasonal improvement in demand following a weather-impacted spring," Mike van Dulken, Head of Research at Accendo Markets, said in a note. Pharmaceutical company Hikma was also among the biggest gainers, up 4.5 percent after an upgrade by Barclays. Among mid-caps, the car-parts-to-bikes retailer Halfords fell 8.6 percent after a recent boom in bicycle sales dropped off sharply in its second quarter due to wet August weather and increased discounting in the market. Engineering company Diploma was the second heaviest midcap loser, down 7.8 percent, because currency hedging contracts set to expire next year will be replaced by more expensive ones, hitting next financial year's operations. (Editing by Ruth Pitchford)