Dec 29 (Reuters) - Futures linked to Canada's resources-heavy main stock index were marginally higher on Friday amid rising crude oil prices, positioning the index for yearly gains on hopes of a softer monetary policy from major central banks next year.
March futures on the S&P/TSX index were up 0.06% at 7:02 a.m. ET (1202 GMT), mirroring gains in their U.S. counterparts.
The Toronto Stock Exchange's S&P/TSX composite index (.GSPTSE) ended the previous session lower, hurt by declining commodity-linked stocks.
The benchmark eyes a near 8% rise for the year amid growing hopes that major central banks could resort to reducing borrowing costs next year.
Information technology (.SPTTTK) is on track to be the best-performing sector, up over 50% year-to-date, while telecoms (.GSPTTTS) were amongst the laggards.
The index eyes its third straight week higher with healthcare (.GSPTTHC) on track to be best performing sector this week. It also is set to log its best quarterly performance in two-and-a-half years.
Global markets have rallied since mid-December when the U.S. Federal Reserve hinted that it could consider interest rate cuts next year. However, the Bank of Canada (BoC) has not given a similar outlook.
On the commodities front, crude oil prices climbed after falling 3% in the previous day as more shipping firms prepared to transit the Red Sea route.
Copper prices dipped, while gold prices were higher on the day.
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Iron ore futures were also higher on Friday, while prices of other base metals slipped.
Volumes are expected to be light on the last trading day of the year, with Canadian markets remaining shut on Jan. 1 due to the New Year holiday.
COMMODITIES AT 7:02 a.m. ET
Gold futures : $2,076.5; -0.3%
US crude : $72.13; +0.5%
Brent crude : $77.66; +0.7%
($1= C$1.3254)
Reporting by Shashwat Chauhan in Bengaluru;Editing by Ravi Prakash Kumar
