FTSE 100 Live Friday
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Economy grew 0.2% in August
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Hays sees 20% drop in UK fees
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THG raises in £95.4m in placing
Market update: Sainsbury’s lower on Qatar stake sale, Saga up 9%
10:18 , Graeme Evans
A £300 million stake sale by Qatar’s sovereign wealth fund today put pressure on Sainsbury’s during another dour session for the FTSE 100 index.
The supermarket’s shares slid 5% or 13.7p to 274.3p after Reuters reported the disposal of more than 100 million shares at a price of 280p.
Qatar Investment Authority’s most recently disclosed stake stood at just under 15%, having initially held a 25% position during a period of bid interest in 2007.
The latest unwinding of its holding follows a 17% rise for shares since early March.
Sainsbury’s was joined on the fallers board by BP after the oil giant highlighted mixed fortunes in an update ahead of third quarter results on 29 October.
The shares, which recently touched a two-year low, fell 2.15p…
