TORONTO (Bloomberg) — Canadian stocks gained the most in three months, paced by commodity producers including Suncor Energy Inc. and Goldcorp Inc., on surging oil and bullion prices and speculation that there may be take-overs in the resource industries.“This market is very sensitive to movements in prices of energy and other commodities,” said Michael Sprung, president of Sprung & Co. Investment Counsel in Toronto. “Consolidation will be the main theme in the energy area this year. The big international players are looking closely at Canada.”

The Standard & Poor’s/TSX Composite Index rose 205.10, or 1.6 percent, to 12,910.87 in Toronto, for its steepest increase since October 13. The benchmark moved above its 2006 close for only the second time since January 2. It had lost as much as 3.5 percent earlier this month as a retreat in oil and metals prices dragged down Canadian commodity stocks. Measures of energy and raw-materials shares today added 2.7 percent and 3.9 percent, respectively, for the biggest gains among 10 industry groups in the S&P/TSX. The two groups account for more than two-fifths of the benchmark’s value.

Crude oil for March delivery closed $2.46, or 4.7 percent, higher, at $55.04 a barrel in New York, after the U.S. said it will double the size of the nation’s Strategic Petroleum Reserve. The gain was the biggest since hurricanes devastated the Gulf of Mexico coast in September 2005.

Suncor Energy Inc., the world’s second-largest oil-sands miner, climbed C$2.83 to C$89.40. Petro-Canada, the country’s third-biggest oil and gas producer, rose C$1.86 to C$45.21.

Nexen Inc. rose C$2.94 to C$72.28 and touched a record C$73.35. The independent oil and gas producer has been rising on persistent speculation that it will receive a C$20 billion ($16.9 billion), C$90 a share, take-over offer from France’s Total SA, the Globe and Mail reported.