FINANCIAL MARKETS

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.

Two of the biggest gainers were shares of BlackBerry, which rose nearly eight per cent, and shares of BRP, 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 standalone, 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 Quebecbased 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.