Bay Street stocks may be headed higher for a fourth straight session on Friday. Stocks rose around the world as investors cheered positive earnings news from beleaguered automaker Ford Motor Co. (F).
Traders have been encouraged as Ford reported a net loss was sharply narrower than expected in the first quarter. The company reported a first-quarter net loss of $1.4 billion or $0.60 per share, compared to a loss of $1.23 per share expected by analysts.
Energy stocks could also see some strength. Crude oil prices rallied 91 cents to $50.53 in early trading after rising 77 cents yesterday.
UTS Energy Corp. (UTS.TO) confirmed that it has deemed the offer of C$1.75 cash per share made by Total S.A. is inadequate and not in the best interest of UTS.
In other economic news, Canadian Pacific Railway Ltd. (CP.TO) said Thursday its first quarter profit was C$62.5 million or C$0.39 per share, down from C$90.7 million or C$0.59 per share in the prior year quarter.
Kingsway Financial Services (KFS.TO) announced that it has appointed Colin Simpson as president and chief executive officer, effective immediately.
On Friday, Toronto's main index rallied 130.35 points or 1.4% to end at 9,409.50. With the gains, the index challenged the 3 1/2-month highs of last week.
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