ECM.L Share News (ECM)

(Alliance News) - London stock prices managed to eke out further gains on Wednesday as the pound continued to slide ahead of the latest UK Purchasing Managers' Index release later in the morning. JD Sports Fashion was the top performer in the FTSE 100, managing to offset a slip by fellow retailer J Sainsbury following the release of the supermarket chain's first-quarter results. The FTSE 100 was up 30.84 points, or 0.4%, at 7,590.03 early Wednesday. The blue-chip index has gained 2.1% since the week began.The FTSE 250 was 48.38 points higher, or 0.3%, at 19,707.71, while the AIM All-Share was up 0.1% at 921.53.The Cboe UK 100 index was up 0.4% at 12,873.98. The Cboe UK 250 was 0.3% higher at 17,603.59, while the Cboe UK Small Companies was flat at 11,317.32.Focus in the day ahead lies on the last in a trio of UK PMI readings, the all-important services print, due at 0930 BST."Dovish comments from [Bank of England] Governor Carney yesterday provide the backdrop for today's UK services PMI release," said Lloyds Banking.Speaking in Bournemouth on Tuesday, Carney said that over the past year the global economy has shifted from a "robust, broad-based expansion" to a widespread slowdown. Risks to the global economy have shifted to the downside, he added."The manufacturing PMI, released on Monday, surprised on the downside, falling to the lowest level since 2013, reflecting softer global demand and the unwinding of previous stockpiling activity," Lloyds Banking continued. "Yesterday's construction PMI also surprised sharply on the downside."Lloyds Banking said it expects the services PMI to come in at 51.8 for June, up from 51.0 in May.Sterling was quoted at USD1.2558 early Wednesday ahead of the release, lower compared to USD1.2595 at the London equities close on Tuesday.Also in the economic calendar on Wednesday, there are service PMIs from France, Germany and the eurozone at 0850 BST, 0855 BST and 0900 BST respectively. In the US, there are ADP employment at 1315 BST - a precusor to Friday's monthly jobs report - and the services PMI at 1445 BST.In mainland Europe, the CAC 40 index in Paris and DAX 30 in Frankfurt were up 0.1% and 0.2% higher respectively in morning trade.In Asia on Wednesday, the Japanese Nikkei 225 index ended down 0.5%. In China, the Shanghai Composite closed down 0.9%, while the Hang Seng index in Hong Kong is 0.2% lower.In London, JD Sports Fashion was the top FTSE 100 performer in early trade, up 2.5% after saying it continued to see "encouraging" like-for-like sales in the year-to-date, expecting an annual results at least equal to current consensus.As expected, emphasis has been on international development, the company said, opening its sixth store in the US. JD said it remains "encouraged" by its performance in the US to date.Overall in the year-to-date, JD said it has achieved "encouraging" like-for-like sales growth in core Sports Fashion fascias both in the UK and internationally."The board remains confident that the group continues to be on track to deliver headline profit before tax for the full year at least equal to current consensus market expectations," said Chair Peter Cowgill.Sainsbury's slipped 1.7% as the grocer reported a fall in first quarter sales, with general merchandise and clothing the main drags.Total retail sales in the 16 weeks to June 29 were down 1.2% while like-for-like sales fell 1.6%. Grocery sales fell 0.5% while General Merchandise - which includes Argos - fell 3.1%, with clothing sales down 4.5%.This first quarter like-for-like sales figure marked a deterioration from the 0.9% decline posted for the final quarter of the previous financial year.On its outlook, Sainsbury's noted that retail markets remain "highly competitive and promotional"."We continue to adapt our business to changing shopping habits and made good progress in a challenging market," said Chief Executive Mike Coupe."In a tough trading environment, we gained market share in key General Merchandise categories and in Clothing, where we are now the UK's fifth largest retailer by volume," he added.In the FTSE 250, Electrocomponents was down 4.3%. The engineer reported slower growth in like-for-like sales in the first quarter, and said it continues to expected good progress despite a "more uncertain" backdrop.Like-for-like revenue growth was 4% in the first quarter, slowing from 8% in the final quarter of the previous financial year. Among regions, growth in EMEA was 5%, the Americas flat and Asia Pacific 1%.The engineering firm said it expects a "broadly stable" gross margin in the full-year, given a programme to broaden its electronics inventory is expected to hit margins in the first half."While the external environment has become more uncertain, we remain well positioned to deliver good progress in the year," said Electrocomponents.On AIM, Purplebricks was up 2.7% despite reporting a wider annual loss, as it revealed plans to exit the US market.Sales grew by 55% to GBP136.5 million in the year to April 30 from GBP87.8 million the year before. However, the company's pretax loss widened to GBP56.0 million from GBP29.2 million.Purplebricks said it took the difficult decisions to exit both the Australian and US markets.In Australia, market conditions become "increasingly challenging". A decision was taken in May to close the business, with this due to be completed before the end of the year.In the US, meanwhile, the company said it still sees a "significant opportunity" to disrupt the market, but this would take significantly more management time and resources than the company is able to commit at this time.