By Carla Mozee, MarketWatch
LONDON (MarketWatch) -- Shares of Barclays PLC were among top
advancers on the FTSE 100 on Monday as the bank found a buyer for
one of its divisions, but Tesco PLC extended losses following a
profit warning.
The FTSE 100 down 0.2% to 6,809.71. The index finished last week
with a 0.7% gain.
Tesco was a drag on the benchmark, with shares down 1.7%. They
dropped 6.6% on Friday after the U.K.'s largest supermarket chain
cut its full-year trading outlook below analysts' expectations of
2.7 billion pounds ($4.49 billion) to GBP2.8 billion. It was the
company's third profit warning in three years. Tesco also cut its
interim dividend.
Tesco's new chief executive, Dave Lewis, was expected to begin
work on Monday, a month earlier than had been planned.
But Barclays was higher by 0.7% after Spain's Caixabank SA on
Sunday said it's agreed to buy Barclays retail banking business in
Spain for about 800 million euros ($1.05 billion). The final price
will be dependent upon the division's total assets at the end of
the year. Barclays said Sunday its Spanish units had EUR22.2
billion in assets and EUR20.5 billion in liabilities as of June 30.
The move scales back the British bank's presence in a
less-profitable market.
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