The resource-heavy Toronto stock market was set for a positive open Friday as tension over Iran helped drive oil prices to a fresh nine-month high.
The Canadian dollar was slightly lower, down 0.05 of a cent to 100.19 cents U.S.
It was a light morning for earnings news.
Eldorado Gold Corp. said profits nearly doubled to $88.8 million in the fourth quarter as the company benefited from higher prices. Revenues grew to $303.3 million from $213 million.
After the markets closed Thursday, Iamgold Corp. on Thursday reported an eight per cent jump in profits for the fourth quarter of 2011 on the back of higher gold prices.
Net earnings were $133.6 million, or 36 cents, compared to $124.1 million, or 33 cents during the same 2010 period. Revenues were $481.6 million, an increase from $440.9 million during the last three months of 2010, primarily due to a 19% rise in realized gold prices to $1,638 U.S. per ounce.
Magna International Inc. reported its quarterly results after markets closed on Thursday, with earnings that topped expectations. The auto parts maker also raised its 2012 sales outlook.
Offshore stocks took cautious steps higher on Friday, setting to end the week on an upbeat note with investors still digesting the implications of a Greek bailout, a European recession, upbeat U.S. economic news and mixed earnings.
U.S. index futures were higher with less than half an hour before markets open, suggesting that stocks will rise at the start of trading. Futures for the Dow Jones were up 36 points, or 0.3%, to 13,010. Futures for the broader S&P 500 were up 2.1 points or 0.2%, to 1,365, while futures for the Nasdaq gained 2.25 points, or 0.1%, to 2,603.
European stocks were also on the rise: The U.K.'s FTSE 100 rose 0.2% and Germany's DAX index was up 0.8% in afternoon trading. In Asia, Japan's Nikkei 225 rose 0.5% in overnight trading.
Crude oil prices continued their winning streak, a day after West Texas Intermediate crude hit its highest level since May 2008.
Oil rose another 0.6%, to $108.43 U.S. a barrel.
However, gold slipped a little, to $1,781 U.S. an ounce, down 0.3%.
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