TSX climbs on higher oil prices BlackBerry shares gain nearly 8

TSX climbs on higher oil prices, BlackBerry shares gain nearly 8% by Linda Nguyen, The Canadian Press Posted Jun 1, 2017 9:35 am MDT Last Updated Jun 1, 2017 at 3:40 pm MDT AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email TORONTO – Canada’s main stock index racked up a solid three-digit gain Thursday amid higher oil prices and boosts from tech firm BlackBerry Ltd. and Ski-Doo maker BRP Inc.In Toronto, the S&P/TSX composite index advanced 120 points to 15,469.91, as nearly all sectors finished in the black.Two of the biggest gainers were shares of BlackBerry (TSX:BB), which rose nearly eight per cent, and shares of BRP (TSX:DOO), which jumped nearly 13 per cent.BlackBerry stock rose following a report by online stock commentary website Citron Research that identified the company as a likely acquisition target.The Ontario-based former smartphone maker, which recently switched its focus to software, saw its shares climb $1.14 to $15.42 on the TSX.“Our belief was that the restructuring of BlackBerry was never going to lead to BlackBerry becoming a stand-alone, profitable company like they once were,” said Kash Pashootan, a senior vice-president and portfolio manager at First Avenue Advisory, a Raymond James company.“Our belief was that the restructuring was simply to get the business packaged and looking the way it should for an acquisition to take place.”He said it still remains “highly speculative” if or when a takeover might happen, but investors are buying the stock now on that bet.Meanwhile, shares in BRP climbed $4.17 to $37.03 after the Quebec-based company said it will begin paying a quarterly dividend of eight cents per share starting in July and plans to buy back up to $350 million of its shares by the end of July.South of the border, Wall Street was similarly strong, with all three indices finishing at record highs.The Dow Jones industrial average was ahead 135.53 points to 21,144.18, the S&P 500 index added 18.26 points to 2,430.06, and the Nasdaq composite index was up 48.31 points to 6,246.83.The gains were helped by optimism from a report by payroll processor ADP that saw private companies added 253,000 jobs last month in the United States, more than investors expected.A U.S. government report on jobs is set to be released on Friday, which economists expect to show growth of 176,000 jobs in May.A stronger employment market gives the U.S. Federal Reserve more leeway to raise interest rates, a move that is expected to happen in two weeks when the central bank meets to discuss rate policy.The Fed has already raised rates twice since December.In commodities, the July crude contract rose four cents at US$48.36 per barrel after settling at its lowest price in two weeks on Wednesday, helped by a report from the U.S. Energy Information Administration that showed crude inventories dropped 6.4 million barrels, more than expected.The Canadian dollar, which often trades in tandem with the direction of oil prices, was unchanged at an average price of 74.07 cents US.Elsewhere, the July natural gas contract was down six cents at US$3.01 per mmBTU, the August gold contract gave back $5.30 to US$1,270.10 an ounce, and the July copper contract gained a penny at US$2.59 a pound.Follow @LindaNguyenTO on Twitter. read more