Sainsbury's stock price jumps after share buying

Shares in Sainsbury’s surged today after reports of a major share buying spree re-ignited speculation about the future ownership of the retailer.

Attention was focused on the Tchenguiz brothers after a block of 250 million Sainsbury’s shares – equivalent to 14% of the company – reportedly changed hands at 575p a share, above the opening price of 530p.