Sainsbury rises on talk of Qatari interest - traders

Reuters, Tuesday 7 Dec 2010

Shares in grocer Sainsbury rose 4.2 percent on Tuesday morning, with traders citing market talk of interest from Qatar.

Shares in grocer Sainsbury rose 4.2 percent on Tuesday morning, with traders citing market talk of interest from Qatar.

A trader said he was "hearing talk of Qataris bidding 450 pence (per share) for Sainsbury" but added the stock could be gaining on the back of Tesco's  strong quarterly figures released earlier in the day.

Sainsbury declined to comment.

By 11:35 a.m., nearly 4 million Sainsbury shares had changed hands, compared with a daily average of 4 million in the past 90 trading days.

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