TORONTO -

A strong earnings report from market heavyweight Bombardier Inc. (TSX:BBD.B), surging oil and record high gold prices sent the Toronto stock market higher Thursday.

The S&P/TSX composite index moved up 32.52 points to 14,116.1 while the TSX Venture Exchange gained 9.55 points to 2,295.99.

The Canadian dollar was higher against the American currency, up 0.19 of a cent at 103.14 cents US after reaching a three and a half year high of 103.27 cents US. The currency advanced amid data showing the economy got off to a strong start for 2011. Statistics Canada reported that gross domestic product grew in January by 0.5 per cent, which met expectations and matched the pace of growth for December.

The agency said that growth was driven by the manufacturing sector and, to a lesser extent, by transportation and wholesale trade.

Bombardier shares jumped 83 cents or 13.17 per cent to $7.13 on heavy volume of 56 million traded as the transportation giant reported quarterly net income of US$325 million or 18 cents per share, beating analyst expectations. That compared with net income of $179 million or 10 cents a share a year ago. Revenue was nearly unchanged at $5.37 billion.

"Results were driven largely by higher aerospace and transportation margins which is nice to see and their 2012 margin guidance of 10 per cent definitely suggests upside to estimates," said Alison Mendes, managing director and portfolio manager at Manulife Asset Management, adding that the results reflect a global economic recovery.

"(In) their transportation division, you're seeing a lot of global demand pickup there and contract wins in emerging markets. And that reiterates the continued strength in the global economy."

The energy sector rose per cent as oil prices surged close to the US$107 mark after control of a key oil port swung back to forces loyal to Libyan leader Moammar Gadhafi, dimming hopes of a quick rebel victory and a restart of crude exports.

The May crude contract on the New York Mercantile Exchange rose $2.45 to a 30-month high of US$106.72 a barrel. On the TSX, Suncor Energy (TSX:SU) gained 11 cents to C$43.48 and Husky Energy (TSX:HSE) was up 17 cents to $29.46.

Gold stocks were higher as gold prices ran ahead with the June bullion contract in New York up $15 to a record close of US$1,439.90 an ounce. Barrick Gold Corp. (TSX:ABX) climbed 31 cents to C$50.39 and Goldcorp Inc. (TSX:G) rose 25 cents to $48.34.

The May copper contract on the Nymex was ahead three cents at $4.32 a pound. The base metals sector moved per cent higher as Equinox Minerals (TSX:EQN) rose 11 cents to C$5.74 while Teck Resources (TSX:TCK.B) declined $1.36 to $51.39.

Having focused on Japan's devastating earthquake and tsunami as well as the uprisings in the Arab world over the past few weeks, traders are turning their attention to fundamental economic indicators such as the pace of job creation in the U.S.

A day before the release of the March non-farm payrolls report, the U.S. Labour Department said that the number of people seeking unemployment insurance benefits dipped by 6,000 to a seasonally adjusted 388,000 for the week that ended March 26. However, the department revised claims in the prior week up to 394,000 from an originally reported 382,000.

Analysts expect that 185,000 jobs were added in March, while the unemployment rate is seen ticking up to nine per cent from 8.9 per cent.

New York markets were little changed as the Dow Jones industrial average moved 30.88 points higher to 12,319.73.

The Nasdaq composite index gained 4.28 points to 2,781.07 while the S&P 500 index was down 2.43 points to 1,325.83.

Meanwhile, the U.S. Commerce Department said orders to U.S. factories slipped 0.1 per cent in February after three straight monthly gains.

In other corporate news, Air Canada (TSX:AC.B) says its board has adopted a shareholder rights plan agreement to ensure the fair treatment of all stockholders in the case of a takeover bid. At the same time, the carrier said it was unaware of a takeover attempt. Its shares were up two cents at $2.45.

Ivernia Inc. (TSX:IVW) recorded US$24.6 million of net income in the fourth quarter compared with $5.9 million a year ago, as the base-metal producer's revenue ramped up and it recorded a major tax recovery. Its shares gained six cents or 16.67 per cent to 42 cents.

Aerospace and industrial products maker Heroux-Devtek Inc. (TSX: HRX) said its landing gear division has been awarded several contracts worth a total of $35 million to manufacture commercial and military aircraft parts. Its shares rose 46 cents to $9.10.

Priszm Income Fund (TSX:QSR.UN) has been granted court protection from creditors under the Companies' Creditors Arrangement Act as part of a plan to assist in the sale of its fast food restaurants. The Toronto Stock Exchange suspended trading in the fund's units and convertible unsecured subordinated debentures and started a review to delist the fund from the exchange. Priszm units last traded at eight cents.