Britain's FTSE edges higher, buoyed by Ashtead and pharma

* FTSE 100 up 0.2 pct

* Ashtead gains from U.S (Other OTC: UBGXF - news) . construction rebound

* Glencore (Xetra: A1JAGV - news) falls following China growth worries

* Halfords hit by cycling downturn (Adds detail, updates prices)

By Alistair Smout and Kit Rees

LONDON, Sept 2 (Reuters) - Britain's top-share index steadied on Wednesday, buoyed by a rise in pharmaceutical stocks and by results from industrial equipment hire group Ashtead .

While worries about China restrained investor enthusiasm, the FTSE 100 was up 13.97 points, or 0.2 percent, at 6,072.51 by 1038 GMT, broadly in line with European indexes, after falling 3 percent in the previous session after weak manufacturing purchasing managers' data from China.

Concern that China's economy may be flagging held back Wall Street on Tuesday, while Asian stocks fell for a third straight session on Wednesday.

However, most miners rallied, helping to support the FTSE 100 as the price of copper stabilised, although a 3.6 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 (Taiwan OTC: 6436.TWO - news) 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," said Atif Latif, director of trading at Guardian Stockbrokers.

The top riser was Ashtead, up 5 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 (Other OTC: HEDYY - news) of Research at Accendo Markets, said in a note.

Pharmaceutical firms Hikma and AstraZeneca (Swiss: AZN.SW - news) were also among top risers, up 3.6 percent and 0.9 percent, benefiting from upgrades by Barclays (LSE: BARC.L - news) and HSBC respectively.

Among mid-caps, the car parts to bikes retailer Halfords fell 10 percent after a recent boom in bicycle sales fell off sharply in its second quarter due to wet August weather and increased discounting in the market.

Engineering company Diploma (LSE: DPLM.L - news) was the second heaviest midcap loser, down 7.8 percent, as currency hedging contracts set to expire next year will be replaced by more expensive ones, hitting next financial year's operations.

British online fashion retailer ASOS (LSE: ASC.L - news) rebounded to trade up 3.9 percent after its founder, Nick Robertson, stepped down as chief executive after 15 years in which he transformed the internet minnow into a retail powerhouse. (Reporting by Alistair Smout; Editing by Kevin Liffey/Ruth Pitchford)