Investors looked to rumours of a hostile bid for struggling Sainsbury that helped push the FTSE 100 index up 16.60 points to 4,518.60.
Sainsbury shares added 13p to 271p with various US, European and UK names mentioned as possible bidders. Morrison, another supermarket chain, gained 4.25p to 185.75p after Citygroup noted the company is nearing the deadline for selling off stores as stipulated by competition authorities for giving the all-clear to its acquisition of Safeway. Shell gained 5.25p to 415.25p as Credis Suisse First Boston raised its share price target. Diageo dropped 8p to 675.5p after saying sales in Europe were tough. Whitbread fell 37.5p to 779p after reporting falling sales of food and drink. ...
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