Supermarket group J Sainsbury is trading higher, up 9.75p at 380p. Dealers noted a large block of shares changing hands last night - 44m at 370.25p each - which has caused some excitement.
The theory at the moment seems to be that Robert Tchenguiz might have swapped some of his shares for CFDs (contracts for difference), which would free up some cash.
Tchenguiz is heavily committed not only in J Sainsbury but in other stocks which are well below their peak, such as Mitchells & Butlers and SCi Entertainment.