CANADA STOCKS-TSX set to open lower, RIM to rise

Fri Sep 28, 2012 8:46am EDT
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Sept 28 (Reuters) - Canada's main stock index looked set to open lower on Friday, as investors remained cautious ahead of results from a stress test of Spanish banks, but BlackBerry maker Research In Motion Ltd was set to shoot higher after results.


* Research In Motion Ltd reported a narrower-than-expected loss on Thursday and the struggling BlackBerry maker bolstered its cash reserves, sparking optimism ahead of the launch of its make-or-break line of next-generation smartphones.

* Spain announced a crisis budget for 2013 based mostly on spending cuts on Thursday in what many see as an effort to pre-empt the likely conditions of an international bailout.

* Newmont Mining Corp plans to shed workers and cut costs at its giant Indonesian copper and gold mine as it loses a million dollars a day in cash flow because of low output that will continue through next year.

* President Francois Hollande's Socialist government unveiled sharp tax hikes on business and the rich in a 2013 budget aimed at showing France has the fiscal rigor to remain at the core of the euro zone.

* Canacol Energy reported a fall in fourth-quarter profit on lower average daily sales volumes.   Continued...