Stock futures pointed to a higher opening for Canada's main stock index on Monday, lifted by a wave of optimism after a new Greek offer for a cash-for-reforms deal.
The S&P/TSX composite index plummeted 117.52 points to end Friday and the week at 14,653.12. September futures were up 0.3% Monday morning.
The Canadian dollar picked up 0.19 cents to 81.74 cents U.S. early Monday.
Telus Corp and Rogers Communications Inc are looking to acquire wireless telecommunications provider Mobilicity, and the Canadian government is expected to approve a deal with one of the suitors, the Globe and Mail reported, citing copies of two opinion letters obtained from Industry Canada.
U.S. hedge fund Livermore Partners is pushing for change at Canadian energy producer Zargon Oil and Gas Ltd, calling for cost reductions, a dividend cut and an improvement in production.
The head of Fairfax Financial Holdings, which bet on the success of a turnaround in Greece last year, urged the country to reach a deal with its counterparts in the euro zone on Friday and remain a part of the currency bloc.
ON BAYSTREET
The TSX Venture Exchange eked up 1.27 points Friday to 683.89
.
ON WALLSTREET
Markets are rallying like crazy on expectations of some sort of resolution to the Greek debt debacle.
Ahead of the opening bell, futures for the Dow Jones Industrials galloped 123 points, or 0.7%, to 18,034, futures for the S&P 500 jumped 15.25 points, or 0.7%, to 2,113, and futures for the NASDAQ hiked 35.25 points, or 0.8%, to 4,535.
Shares in Williams Companies are rising by nearly 30% pre-market after the natural gas company turned down an unsolicited takeover bid, but said it was open to other offers and "strategic alternatives."
Energy Transfer Equity confirmed it made the proposal for an all-equity takeover that valued Williams Companies at $53.1 billion, including debt and other liabilities.
Williams' stock is currently trading around $62 U.S. per share, just below the offer price of $64 U.S. per share.
Fast food chain Sonic will report after the close. Sonic's share price is up 23% from this time last year.
At 10 a.m. ET, the National Association of Realtors will release its existing home sales report for the month of May. In April, existing home sales were down by just over 3% due to low supply levels.
Investors are elated Monday morning as they expect top European leaders will reach an agreement with Greece over its debts and economic reforms. Monday is seen as a make-or-break day for the country as it tries to avoid defaulting and crashing out of the euro-zone.
An official within the European Commission tweeted overnight that Greece has submitted a new proposal to its creditors that would provide a "good basis for progress" during a meeting of top euro-zone leaders. And the European Central Bank agreed to provide yet more emergency funding for Greek banks.
Nearly all Asian markets ended the day with healthy gains, though the Shanghai Composite was closed for a holiday.
Oil prices gained 42 cents to $60.03 U.S. a barrel
Gold prices tumbled $8.10 at $1,193.80 U.S. an ounce.
