The Toronto stock market headed for a positive open Friday as commodity prices advanced amid rising optimism that Greece will get the bailout it needs to avoid triggering a default on debt late next month.
The Canadian dollar picked up 0.15 cents to 100.50 cents U.S.
Traders also took in major deal making in the resource sector as Encana Corp. said it is selling its 40% interest in British Colombia gas assets to Japan’s Mitsubishi Corp. for $2.9 billion.
The energy giant also reported its quarterly loss narrowed to $246 million, down from $469 million a year ago.
In earnings news, Enbridge Inc. reported that its adjusted earnings in the fourth quarter were $275 million or 37 cents per share, slightly below analysts' expectations for 39 cents a share, and, as a result, the company is raising its dividend by 15%.
Revenues grew to $5.4 billion from $4.1 billion in the fourth-quarter of 2010 as the company shipped a greater volume across its pipelines.
As well, underlying core inflation -- which excludes volatile items such as some fresh food and gas -- rose to 2.1%, one-10th of a percentage point higher than the Bank of Canada’s target.
U.S. index futures were mixed with about 40 minutes before markets open, suggesting that stocks will rise at the start of trading.
Futures for the Dow Jones industrial average were up 36 points, or 0.3%, to 12,906. Futures for the broader S&P 500 were up 2.90 points or 0.2% to 1,357.70, while futures for the tech-heavy Nasdaq index were actually down 0.25 points to 2,593.25. All three indexes turned in strong gains on Thursday, with the Dow climbing to its highest level since 2008.
In Europe, the U.K.'s FTSE 100 rose 0.6% and Germany's DAX index rose 1.3% in afternoon trading.
In Asia, Japan's Nikkei 225 rose 1.6%, while Hong Kong’s Hang Seng Index advanced 1%, in overnight trading.
Commodities were also strong, with crude oil rising to $102.80 U.S. a barrel, up 0.5%. Gold rose to $1,734 U.S. an ounce, up 0.3%.
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