Sainsbury's makes progress against the discounters

J Sainsbury (SBRY) shares gained 5 per cent on results day after it raised full-year guidance on the back of “record market share gains” against grocery competitors. The UK's second-biggest supermarket now expects retail free cash flow to hit at least £600mn, up from its previous forecast of £500mn, and guided that underlying profit before tax will fall within a range of £670mn-£700mn compared with a prior estimate of £640mn-£700mn.