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Drapers Share Monitor - Qatari royals raise Sainsbury's stake

Speculation about another bid for Sainsbury's arose last week after a Qatari investment group increased its stake in the chain by 7%.

Delta Two, backed by the Qatari royal family, raised its holding to 25%. Shares rose 30p to close at 581p on Tuesday. On Wednesday, Sainsbury's reported a 5.1% rise in like-for-like sales excluding fuel for the 12 weeks to June 16.

Surfwear brand Hot Tuna issued a profit warning for the year after its global relaunch, predicting a loss of between £3m and £3.2m for the year to June 30. Shares fell 0.5p to 13.25p

Sports Direct's shares posted their first price rise for several weeks. Owner Mike Ashley is rumoured to have pulled out of the running to buy online sports retailer M and M Direct.

Rival JJB Sports is understood to have been assured that Ashley was not involved in last week's deal, in which his former associate Chris Ronnie and Icelandic investor Exista gained a 29% stake. Sports Direct shares were up 13.5p to 206.5p.

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