CANADA STOCKS-Spanish, Greek woes to weigh on TSX at open

Wed May 9, 2012 8:43am EDT
 
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May 9 (Reuters) - Toronto's main stock index looked set to extend losses on Wednesday, after hitting a new 2012 low in the previous session, as news out of the euro zone continued to weigh on market sentiment.

Escalating doubts that Greece will meet the terms of its bailout deal amid political upheaval, and Spain's demand that its banks raise another 35 billion euros added to worries.

TOP STORIES

* Radical leftist Alexis Tsipras meets the leaders of Greece's mainstream parties on Wednesday, with little chance of clinching a deal on a coalition government after he set tearing up an EU/IMF bailout deal as a condition.

* Spain will demand banks set aside another 35 billion euros ($45 billion) against loans to the ailing building sector, financial sources said, raising the possibility more public cash will be needed to rescue the country's lenders.

* TransCanada Corp said it secured "firm commitments" from parties interested in accessing a new terminal at the starting point of its Keystone pipeline system.

* Enbridge Inc's first-quarter net profit fell 27 percent as Canada's second-largest pipeline company incurred losses from the revaluation of financial derivatives.

* Fertilizer producer and retailer Agrium Inc's quarterly profit fell on hedging losses and higher costs, including a more-than-five-fold rise in pre-tax share-based payments.   Continued...