STOCKS NEWS EUROPE-UK small caps slip from all-time high

The FTSE Small Cap index slips 0.2 percent, retreating from an all-time high of 4,358.76 points hit in the previous session, with midcaps also off 0.2 percent, while junior-listed AIM shares are 0.1 percent weaker.

Centaur Media (LSE: CAU.L - news) drops almost 5 percent after it said late on Tuesday that former CEO Geoffrey Wilmot has abandoned plans to make an offer to buy the company.

But traders note that 50 pence, where the shares are currently trading, is acting as a strong support level, and perceive the appointment of Andria Vidler - formerly CEO of EMI Music UK & Ireland - as Centaur's CEO, announced on Wednesday, to be a positive for the firm.

ASOS (Other OTC: ASOMY - news) falls 2.5 percent, with the shares succumbing to profit-taking after a strong run, as the online fashion retailer unveils full-year results which traders describe as solid.

The company says it plans to step up investment to support its rapid sales growth as it meets forecasts with a 23 percent rise in full-year profit.

ASOS has leapt 96 percent in 2013, against a rise of just 13.4 percent on the AIM index.

In reaction to the results, Peel Hunt lifts its target price for ASOS - currently trading at 5,278 pence - to 6,200 pence from 5,250 pence.

"With clear momentum in sales growth, we see continued upgrade potential to ASOS's sales performance over the next three years, although forecasts remain unchanged this morning," the broker says in a note.

Reuters messaging rm://tricia.wright1.thomsonreuters.com@reuters.net