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Britain's FTSE rebounds on appetite for Ashtead, travel stocks

Reuters - UK Focus

* FTSE 100 up 0.4 pct

* Ashtead surges to all-time high after it lifts forecasts

* TUI Travel (LSE: TT.L - news) receives boost from TUI AG (Xetra: TUAG00 - news)

By Alistair Smout

LONDON, Dec (Shanghai: 600875.SS - news) 10 (Reuters) - Britain's top share index rose to rebound from one month lows on Wednesday, boosted by appetite for travel and leisure stocks and industrial equipment hire company Ashtead after it lifted its earning guidance.

Ashtead rose 6.6 percent, having surged over 10 percent to an all-time high in early deals, after it raised its full-year earnings guidance following a surge in profit.

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"Expectations are now that more earnings upgrades continue to come through, led by the credibility of management to deliver on growth targets and strategy," Atif Latif, director of trading at Guardian Stockbrokers, said.

Britain's FTSE was up 25.00 points, or 0.4 percent, at 6,554.47 by 0846 GMT, partially recouping a 2.1 percent slide in the previous session which took the index to its lowest level since Nov. 6.

The index remains 5 percent off of its 2014 high set in September.

The FTSE 350 Travel and Leisure index was a top sectoral riser, up 1.4 percent, led higher by cruise operator Carnival (LSE: CCL.L - news) , up 3.2 percent after Numis lifted its target price on the stock.

British Airways owner IAG and easyJet both rose around 2 percent, as airlines benefitted again from pressure on oil prices. Brent was near 5 year lows and down 40 percent since June on oversupply worries.

Travel group TUI Travel rose 1.3 percent after Germany's TUI AG said its profit target for the year was coming into reach in its final set of results before its merger with the British company.

Aberdeen Asset Management (Other OTC: ABDNF - news) was down 1 percent in early deals, among the biggest fallers on the FTSE, hit by a downgrade from Citi to "neutral" from "buy".

"Flow outlook is unclear, and (Emerging Market) performance headwinds look set to worsen," analysts at Citi write in a note. (Reporting by Alistair Smout; Editing by Andrew Heavens)