Sainsbury's leads FTSE 100 higher amid Nisa bid reports


Sainsbury's storeImage copyright
PA

Sainsbury’s led the UK’s stock market higher amid reports it is in talks to buy convenience store chain Nisa.

Shares in the UK’s second-largest supermarket rose 2.5% after reports it had made a bid of £130m for the chain, which has 3,000 stores.

That made Sainsbury’s the biggest riser on the benchmark FTSE 100 share index, which was up 41.07 points, to 0.6%, at 7,504.61 shortly after midday.

In the FTSE 250, Ocado jumped 8.6% on talk that it could become a bid target.

Credit Suisse said last week’s announcement that Amazon was buying Whole Foods increased the likelihood of Ocado being a takeover target. Separately, analysts at Exane raised their rating on Ocado to “outperform”.

Shares in womenswear chain Bonmarche fell 2.6% after it reported a 40% fall in annual profits.

The retailer admitted that the past year had been “more challenging than we had expected”, with the market hit by a combination of rising prices and wages, uncertainty surrounding the Brexit referendum, and unseasonal weather.

On the currency markets, the pound rose 0.2% against the dollar to $1.2796 and was 0.1% higher against the euro at 1.1428 euros.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *