STOCKS NEWS EUROPE-Sainsbury down on report, weak sector

Shares in Sainsbury (SBRY.L) dip 1.2 percent, under pressure from weakness in the food retailer sector and a report the supermarket firm is losing market share to its peers.

The Times newspaper reports that Sainsbury has seen 11 million pounds of spending move to competitors in the 12 weeks to November, according to confidential industry "switching" data.

Sainsbury, however, says it continues to grow market share.

Traders say Sainsbury is also under pressure from some profit taking weakness within the food retailer sector, following upbeat trading updates in recent weeks. Tesco (TSCO.L) sheds 0.2 percent while WM Morrison (MRW.L) is up 0.2 percent. Marks & Spencer (MKS.L) sheds 0.2 percent.

"The markets are weak today. Morrissons, Tesco and Sainsburys are off after a great week last week and after recent trading updates. There's probably a bit of profit taking from that," a trader says.

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