Next boss Wolfson spends £400,000

Next's chief executive Simon Wolfson has splashed out £400,000 in shares in the fashion chain.

He took 19,231 shares at 2,080p a time, taking his stake to about 1.621m shares, some 0.865% of the company.

Wolfson's purchase comes amid a period of weakness in Next's share price in line with the broader market.

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In a trading update the day before the UK General Election, Next said that it expects profits this year to be at the top end of market forecasts after sales in the first three months to April were strong, though it is still very cautious on the outlook for consumer spending.

'We remain very cautious in our outlook for the year ahead,' the company said.

'Prior year comparisons become more demanding as the year progresses and we anticipate that a new government will have to take action to tackle the budget deficit.'

Wolfson, a prominent Conservative supporter, was among the signatories of a letter backing the party's plans ahead of the election to halt Labour's proposed rise in National Insurance (NI).

He joined Next in 1991, becoming a board member in 1997 and chief executive in 2001.

Top Director Buys

Next (NXT) Director name: Mr Simon A WolfsonAmount purchased: 19,231 @ 2,080.00p Value: £400,005

Fidessa (FDSA) Director name: Mr Andy MalpassAmount purchased: 14,962 @ 1,320.00p Value: £197,498

Capital & Counties Properties (CAPC) Director name: Mr Gary YardleyAmount purchased: 100,000 @ 114.83p Value: £114,830

Jardine Lloyd Thompson Group (JLT) Director name: Mr Richard J HarveyAmount purchased: 10,000 @ 573.91p Value: £57,391

Capital & Counties Properties (CAPC) Director name: Mr Soumen DasAmount purchased: 26,800 @ 115.42p Value: £30,933

Cove Energy (COV) Director name: Mr Frank MoxonAmount purchased: 57,100 @ 52.50p Value: £29,978

Axis-Shield (ASD) Director name: Mr Ronny HermansenAmount purchased: 10,000 @ 297.60p Value: £29,760

Edinburgh Worldwide Inv Trust (EWI) Director name: Mr David E ReidAmount purchased: 10,000 @ 255.00p Value: £25,500

Aegis Group (AGS) Director name: Mr John BradyAmount purchased: 20,000 @ 119.59p Value: £23,918

Mecom Group (MEC) Director name: Mr David MontgomeryAmount purchased: 10,000 @ 194.65p Value: £19,465

Top Director Sells

SABMiller (SAB) Director name: Mr Miles Quintin MorlandAmount sold: 40,000 @ 1,928.96p Value: £771,584

SABMiller (SAB) Director name: Mr Graham MackayAmount sold: 4,980 @ 2,063.96p Value: £102,785

SABMiller (SAB) Director name: Mr M I WymanAmount sold: 3,031 @ 2,063.96p Value: £62,559

Monks Inv Trust (MNKS) Director name: Mr Douglas McDougallAmount sold: 17,500 @ 302.00p Value: £52,850