CANADA STOCKS-TSX set to open higher, Greek worries persist

Thu May 17, 2012 8:56am EDT
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May 17 (Reuters) - Canada's main stock index looked set to open higher, recovering from a 2012 low hit on Wednesday, as a stronger gold price helped offset worries about contagion from Greece spreading to other euro zone countries.


* Canadian Pacific Railway Ltd Chief Executive Fred Green resigned, handing activist shareholder William Ackman a clear victory after a bruising proxy battle for control of Canada's second biggest railroad.

* New U.S. claims for unemployment benefits were unchanged last week, according to government data on Thursday that will do little to ease concerns about a recent slowdown in jobs growth.

* Spain's borrowing costs shot up at a bond auction on Thursday, after economic data confirmed the country is back in recession and reports that nationalized Bankia SA had suffered an outflow of deposits hammered its share price.

* Sears Holdings Corp said it plans to spin off a large part of its stake in its Canada unit, which has struggled with weak sales and dragged down overall performance.

* Research In Motion Ltd. : The blackberry-maker said the UK agency responsible for setting standards for computer security has approved the BlackBerry 7 operating system for government use.

MARKET SNAPSHOT   Continued...