The Canadian Press

The Toronto stock market appeared heading for a higher open Friday even as employment growth during March came in a bit less than expected.

Statistics Canada reported that the economy created just under 18,000 jobs last month, lower than the 25,000 that had been expected.

Also, the modest additions were all in the part-time category and the unemployment rate remained unchanged at 8.2%.

The Canadian dollar fell back following the report, down 0.3 of a cent to 99.42 cents US.

The loonie reached parity on Tuesday for the first time since July 2008 but has had trouble regaining that perch since, partly due to strength in the U.S. dollar as worries about the Greek debt crisis grew.

The currency moved as high as 100.1 cents US before the release of the jobs report.

New York futures pointed to a higher open on signs of growing consumer demand.

The Dow Jones industrial futures rose 22 points to 10,906, the Nasdaq futures climbed five points to 1,985 and the S&P 500 futures gained 2.7 points to 1,186.4.

North American indexes eked out small gains on Thursday after discounter Target Corp., department store Macy’s Inc., clothier Gap Inc. and Victoria’s Secret parent Limited Brands Inc. posted double-digit increases in March sales that beat analysts’ expectations.

Overall, sales in stores open at least a year rose nine% in March, based on an index of 31 retailers compiled by the International Council of Shopping Centers.

Hopes for growing demand sent oil prices higher. The May crude contract on the New York Mercantile Exchange was ahead 60 cents to US$85.99 a barrel.

Other commodity prices also picked up with the June gold contract on the Nymex up $4.70 to US$1,157.60 an ounce while the May copper contract in New York rose a penny to US$3.60 a pound.

Earlier in Asia, Hong Kong’s benchmark Hang Seng index closed 1.6% higher while Japan ended 0.3% higher.

European markets markets advanced as fears about an outright default by Greece eased, a day after the country’s cost of borrowing went through the roof. Investor’s focus shifted to the likelihood of some kind of financial rescue by the European Union and the IMF

London’s FTSE 100 index gained 0.73%, Frankfurt’s DAX was up 0.9% and the Paris CAC 40 was ahead 1.24%.

On the corporate front, Shoppers Drug Mart (TSX:SC) will be in focus for a second day. The chain’s president said Thursday that the company has already started to “dis-invest” in Ontario due to the provincial government’s plan to scrap pharmacy allowances for generic drugs. Shoppers said that prescription sales account for about half of revenue. The company’s stock fell about 10% on Thursday.

Elsewhere, Centerra Gold Inc. has sold its stake in a Nevada gold property to a California company, pre-empting an agreement with Vancouver-based junior miner Rye Patch Gold Corp. Rye Patch (TSXV:RPM) said Thursday it received notice that Homestake Mining Co. has exercised its right of first refusal to acquire Centerra’s (TSX:CG) 63% stake in the Ren property.

Le Chateau Inc. (TSX:CTU.A) reported Thursday a drop in fourth-quarter profit compared with a year ago as revenue fell. The trendy clothing retailer said it earned $11.4 million or 46 cents per diluted share for the quarter ended Jan. 30 compared with a profit of $13.2 million or 54 cents per diluted share a year ago.

Investors will take in second-quarter earnings from Calgary-based cable giant Shaw Communications (TSX:SJR.B) during the day. Shaw confirmed earlier this year that it plans to take the first steps toward an entry into the wireless business in 2010, and that it sees the business being close to deployment early next year.

Shaw and a private equity firm backed by Wall Street investment bank Goldman Sachs face a battle for control of Canwest Global Communications’ (TSX:CGS) broadcast assets.