J Sainsbury shares rocket following takeover rumours

As a result of the speculation, shares rose by almost 8% to stand at 344p, putting an overall value of £6bn on the outfit, reports the Times.

One unnamed trader told the paper that a possible suitor could be the Qatari Investment Authority in collaboration with property mogul Robert Tchenguiz as well as another investor.

A spokeswoman for Sainsbury's refused to comment on the whispers being heard on the stock market.

But another trader played down the developments and said the change in share prices simply represents "what's going on in the market in general".