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Friday,27 January 2023 at 16:47

One of Britain’s biggest family-owned businesses has snapped up a £193m stake in Sainsbury’s.
Bestway, which owns Costcutter and Bargain Booze, said it had acquired a 3.45pc holding, equivalent to around 80.7m shares, in the supermarket, which is the UK’s second biggest.
Based on Sainsbury's share price at close on Thursday of 239.4p, the acquisition would be valued at around £193.4m.
Bestway said it had no plans to make an offer for the grocer but said it may look to purchase more shares at a later date.

UK and European markets were mixed after U.S. economic data came in stronger than expected and with a slew of rate hike decisions due next week.

U.S. stocks were mixed  as investors weigh in on fresh economic data including consumer spending data, a closely watched measure by the Federal Reserve.

Oil prices rose for a second session, buoyed by better than expected U.S. economic growth, strong middle distillate refining margins and hopes of a rapid recovery in Chinese demand.

Gold edged lower as robust U.S. economic data was seen as fodder for the Federal Reserve to keep interest rates high for longer, but caution ahead of inflation data and the policy meeting next week put a floor under bullion prices.

At the close
FTSE 100 7,765 +0.05%
FTSE 250 20,035 +0.60%
DAX 15,142 +0.07%
At 16:45
Dow Jones 33,957 +0.03%
S&P 500 4,062 +0.06%
NASDAQ 11,555 +0.36%
Fixed Income
UK 10-YR YIELD 3.323
Exchange Rates
GBP/USD 1.238
GBP/EUR 1.140
Gold $1,931 +0.15%
Brent $86.84 (-0.67%)
Important - No news or research item should be construed as a recommendation to trade. The inclusion of securities within this report does not necessarily imply their suitability for individual portfolios or situations in respect of which further advice should be sought. Information contained in this report has been compiled from sources believed to be reliable but is not warranted to be accurate or complete.

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