London Markets: Sainsbury continues climb from 30-year low as FTSE 100 edges higher

J Sainsbury on Tuesday continued its recovery from a 30-year low after data showed the supermarket chain was the best performer of the top four for the first time in nearly two years. Read More...

Mike Coupe, CEO of Sainsbury’s, poses for a portrait at the company headquarters in London.

J Sainsbury on Tuesday continued its recovery from a 30-year low after data showed the supermarket chain was the best performer of the top four for the first time in nearly two years.

Sainsbury’s shares rose 2.5% as data for the 12 weeks to Aug. 11 released by research firm Kantar showed that Sainsbury’s performed better than rivals Tesco, Walmart-owned Asda and Morrisons for the first time since Nov. 2017.

Tesco shares fell 1.2% and Morrison fell 0.4%.

All four registered declining sales, ranging from a 0.6% drop at Sainsbury’s to a 2.7% decline for Morrisons.

Ocado OCDO, +2.49% meanwhile rose 2% as the Kantar data showed the online supermarket posted a 12.6% sales gain.

More broadly, the FTSE 100 UKX, +0.41% rose 0.4% to 7218.39, a day after its best gain in nearly two weeks.

Markets clung to a tight range with traders focused on the U.S.-China trade war, the upcoming Jackson Hole Fed conference and the possibility of a payroll tax cut in the U.S.

Of other movers, AstraZeneca AZN, +1.70% AZN, +0.18% rose 1.7% after reporting that a late-stage trial of its Farxiga drug met its endpoint of significantly reduced the risk of cardiovascular death or worsening of heart failure.

Pub chains were mostly higher a day after Greene King GNK, -0.54% agreed to a 4.6 billion pound buyout offer from the conglomerate controlled by billionaire Li Ka-shing. Mitchells & Butlers MAB, +5.25% shares rose 4.2% and Marston’s MARS, +2.00% rose 2.3%, while JD Wetherspoon JDW, -1.77% fell 2.6%.

Greene King shares fell 0.6% after surging on Monday.