Toronto stocks moved higher Thursday, as the market reacted to a spike in the price of oil and to a news report that BCE Inc. was the takeover target of a large U.S. private equity firm.

The S&P/TSX composite index gained 60.87, or 0.46%, to 13,258.02.

Seven of the 10 TSX main groups finished higher.

The energy index gained 0.56%.

The telecommunications services sector gained 2.74%.

Bell Canada is reported to be the takeover target of Kohlberg Kravis Roberts, a deal that could value the company at $30 billion. BCE denied the report in the Globe and Mail later in the day.

Shares in BCE gained $1.92, or 6.37%, to $32.04, after hitting an intra-day high of $34.25.

Light, sweet crude for May delivery moved up $1.95, or 3%, to US$66.03 a barrel on the New York Mercantile Exchange.

Petro Canada gained 23¢, or 0.51%, to $45.41.

The materials index moved up 0.21%, while the gold sub-index fell 0.65%.

April gold futures fell $5.30 to close at US$661.50 an ounce

Iamgold Inc. fell 1¢, or 0.11%, to $9.17.

The S&P TSX Venture Exchange moved up 11.22, or 0.35%, to 3,181.72.

In New York, markets moved higher, despite the jump in the price of crude, on anencouraging report on the strength of the U.S. economy.

The Dow Jones industrial average gained 48.39 to 12,348.75, the S&P 500 index moved ahead 5.30 to 1,422.53, and the Nasdaq Composite inched ahead 0.78 to 2,417.88.