FTSE gains as Brexit woes stall sterling

London’s top flight was riding high as the pound was dealt further Brexit blows in a bruising day for the British currency.

The FTSE 100 closed up 64.3 points at 7,355.31, lifted by mining, energy and consumer stocks.

A higher start on Wall Street also helped, as did retailer Next, which posted full-year results.

The high street chain booked a 0.4 per cent dip in pre-tax profits to £722.9 million for the year to the end of January.

However, total brand sales lifted 2.6 per cent thanks to a 14.7 per cent jump in online trade. Shares closed up 134p at 5,316p.

On the FTSE 250, Ted Baker shares slid and profits slumped as the fashion chain grapples with a scandal that pushed its founder to resign, as well as a competitive retail environment.

Profit before tax was down 26.1 per cent to £50.9m in the 52 weeks to 26 January, while shares were down 109p at 1,601p at the close.

Mike Ashley has stepped up efforts to install himself on the board of Debenhams after a previous attempt was foiled by a technicality.

In a statement to the market, the tycoon’s Sports Direct requisitioned a meeting of Debenhams shareholders to appoint Ashley to the board and remove all other members except finance boss Rachel Osborne. Debenhams shares closed 0.01p lower at 2.9p.

In currency, sterling took a hit as Brexit again came to the fore, with the Bank of England flagging possible “further cliff-edge uncertainties” which could affect business spending.

Sterling was trading down 1.3 per cent against the dollar at $1.302 at the London market close and shed 0.7 per cent versus the euro to €1.147.