Toronto stocks powered ahead on Monday, buoyed by rising oil prices and a jump by BCE shares after the Supreme Court of Canada signed off on the proposed buyout of the telecom company.

The S&P/TSX composite index closed up 111.15 points, or 0.76%, at 14,691.82. Six of the 10 main TSX groups advanced.

BCE stock retreated from its intraday highs to close up $1.98, or 5.7%, at $36.58 on a volume of nearly 30 million shares.

The energy and materials sectors rose 2.8% and 1.8% respectively. Suncor Energy was up $3.16, or 5.1%, at $64.98, while in the materials group, Potash Corp of Saskatchewan gained $6.24, or 2.7%, to $239.89.

In other M&A news, HudBay Minerals will buy Skye Resources for about $437 million to get possession of the Fenix nickel project in Guatemala, the companies said.

HudBay finished down 78¢, or 5.3%, at $14.01, while Skye put on 97¢, or 12.6%, to $8.69.

The influential financials group gave up 1.7%, with CIBC falling after an analyst forecast the bank would have to write off at least $1 billion in the current quarter due to exposure to bond insurers.

CIBC shares fell $1.03, or 1.7%, at $60.60. Royal Bank of Canada lost $1.37, or 2.9%, to $46.23.

The junior S&P/TSX Venture composite index fell 12.70 points, or 0.49%, to close at 2,603.61.

The Canadian dollar closed at US98.44¢, up from Friday’s close at US98.33¢.

In New York, volume was thin with traders hesitant to place any big bets before the Federal Reserve’s next interest-rate decision, due on Wednesday. The Fed is expected to leave its benchmark interest rate unchanged.

The Dow Jones industrial average dipped just 0.33 of a point to finish essentially flat at 11,842.36. The S&P 500 inched up 0.07 of a point, or 0.01%, to close at 1,318.00.

However, the tech-heavy Nasdaq composite index fell 20.35 points, or 0.85%, to close at 2,385.74.