BUZZ-Wolseley: bottom of FTSE 100 on softer margins

** Wolseley (Frankfurt: A1W7PR - news) down 1.9 pct, bottom of FTSE 100 in volume, having earlier hit 6-month low

** Q3 LFL revenue growth 6.6%, in US +8.5%

** Group expects FY trading profit in line with analyst consensus expectations

** Analysts highlight impressive US sales growth, but found margins there disappointing

** Despite US margin erosion, Liberum likes Wolseley's shares, arguing for a re-rating as the US becomes the dominant part of the Group and its prospects have improved

** Broker upgraded Wolseley to 'buy' last week arguing for re-rating as the US becomes a bigger part of the Group, following disposals

** More than 3/4 of 30-day daily avg volumes through in almost two hours (Reuters Messanging: aniruddha.c.thomsonreuters.com@reuters.net)