MARKET TALK: Sainsbury Reverses Fortunes; Biggest FTSE Faller

8th Jul 2010 14:34

1334 GMT [Dow Jones] J Sainsbury (SBRY.LN) -1.6% at 339p and is the biggest decliner on the FTSE 100, reversing the strong gains seen on Wednesday. This follows the speculation Wednesday of a Qatar Investment Authority bid for the supermarket. The shares gained 5.8% on this chatter by yesterday's close. Traders note that the fall coincides with chief executive Justin King selling Sainsbury shares. One trader says this indicates no bid is likely in the short term. Another notes that these rumors have been in circulation for the past three years. A third says the QIA may not be interested, having just taken a large stake in Agricultural Bank of China after its dual IPO. ([email protected]) Contact us in London. +44-20-7842-9464 [email protected] (END) Dow Jones Newswires July 08, 2010 09:34 ET (13:34 GMT)