Main indices in Toronto looked set to open higher on Friday after a reading on U.S. manufacturing, which hit its highest in nearly four years, underpinned hopes for sustained economic strengthening.
The S&P/TSX composite index shot higher by 90.64 points to close Thursday at 14,210.37, running its winning streak to 12 straight sessions. Futures Friday morning were up 0.4%.
The Canadian dollar was down 0.3 cents U.S. early Friday to 89.78 cents U.S.
Fertilizer company Agrium Inc reported a 72% decline in quarterly profit on Thursday as crop nutrient prices fell and nitrogen sales volumes weakened.
Base metal miner First Quantum Minerals Ltd reported lower fourth-quarter earnings on Thursday due to weaker metals prices despite an increase in production and lower production costs.
Element Financial said on Thursday it narrowed its fourth-quarter loss as higher finance receivables more than made up for a jump in transaction costs.
A Nebraska judge's ruling on TransCanada Corp’sKeystone XL pipeline could let U.S. President Barack Obama delay his final decision on the project until after mid-term elections and avoid political damage, analysts say.
Veresen said on Thursday that Canada's National Energy Board had approved its request for a license to export natural gas for a U.S. liquefied natural gas project.
On the economic front, Statistics Canada reported that consumer prices rose 1.5% in the 12 months to January, following a 1.2% increase in December. On a seasonally adjusted monthly basis, the Consumer Price Index increased 0.2% in January, matching the gain in December.
Retail sales slid 1.8% in December to $40.2 billion, with slumps pretty much across the board
ON BAYSTREET
The TSX Venture Exchange was positive 9.12 points Thursday to 1,015.
ON WALLSTREET
Markets could end the week on a high note as investors shrug off mixed signals about the health of the economy and corporate earnings.
Ahead of the opening bell, futures for the Dow Jones Industrials progressed 36 points, or 0.2%, to 16,136. Futures for the S&P 500 gained 3.6 points, or 0.2%, to 1,839.80, and futures for the NASDAQ tacked on 6.75 points, or 0.2%, at 3,678.25
Dish Network reported quarterly earnings with significant increases in profit and revenue.
Shares in General Motors could come under pressure after a Georgia attorney accused the company of dragging its feet on recalling popular compact cars with a defect that was involved in the deaths of at least six people.
GM shares fell in pre-market trading.
On the economic front, existing-home sales for January will be released at 10 a.m. ET.
Business Wire, owned by Warren Buffett's Berkshire Hathaway, said it would discontinue its widely criticized practice of pumping a live news feed into high frequency traders.
Facebook shares edged up in premarket trading, leaning toward another gain after agreeing to buy WhatsApp earlier this week.
Hewlett-Packard edged up in pre-market trading after reporting earnings late Thursday that topped analysts' expectations.
Groupon shares plunged after releasing a mixed earnings report. The company topped expectations, but forecast a loss for the next quarter.
Shares of Priceline.com rose in after-hours trading because of better-than-expected earnings.
European markets were mixed in midday trading, as unrest continued in nearby Ukraine, which canceled plans to raise $2 billion U.S. by selling bonds to Russia.
Asian markets ended mixed.
Oil prices slid 27 cents to $102.48 U.S. a barrel
Gold prices increased five dollars to $1,321.90 U.S. an ounce.
