Primark and soft pound give boost to FTSE 100
battles its former chairman in the courts.
The AA said it is fighting a £225m claim from its former boss Bob Mackenzie, who was sacked last year for gross misconduct.
Mr Mackenzie, former executive chairman of the AA, filed a claim against the company and a number of its directors in the High Court on March 6.
The AA said on Tuesday it will incur costs of £1m over the next two financial years as it fights the claim, but that it hopes to recoup the costs from Mr Mackenzie when the case closes.
Traders also took a shine to JD Sports, which reported a 24% rise in pre-tax profits to £294.5m for the year to February 3. Shares jumped as much as 8% higher at one stage, and ended the day up 5.2% or 18.4p at 371.3p.
WPP’s share price extended losses following a sell-off on Monday, falling by 0.63% or 7p to 1,104p by the end of the session. The advertising giant suffered another blow after Moody’s downgraded its outlook for the group from stable to negative following the shock departure of boss Sir Martin Sorrell.
Lloyds Banking Group said more than 1,200 jobs are being axed under plans to shut another 49 branches in a further blow to Britain’s high streets. The banking giant’s share price was flat at 67.66p at the close.
Johnston Press, owner of the Scotsman and the Yorkshire Post, managed to narrow its pre-tax losses to £95m from £300.7m for the year December 30.
Group revenues fell from £222.7m to £201.6m, dragged down by an 18.3% fall in total advertising sales to £100.2m. Shares closed down 0.11% at 8.86p.
The biggest risers on the FTSE 100 were Evraz, up 24.1p to 389.3p, Medicinic International, up 32.2p to 624.8p, GKN, up 19.3p to 469.6p, and ABF, up 107p to 2,690p.
The biggest fallers on the FTSE 100 were Reckitt Benckiser, down 191p to 5,806p, Rolls-Royce, down 17.2p to 860.6p, British American Tobacco, down 77.5p to 3,965.5p, and Rentokil, down 3.7p to 268.2p.