Canada's main stock index rose on Thursday as strong earnings from Bombardier and Thomson Reuters as well as a billion-dollar merger sparked an upbeat sentiment, while energy stocks got a boost from higher oil prices.

At 9:39 a.m. ET (13:39 GMT), the Toronto Stock Exchange's S&P/TSX composite index was up 54.8 points, or 0.27%, at 20,384.53.

In earnings, Bombardier Inc jumped 6% after it raised its full-year estimates for revenue and aircraft deliveries, while Thomson Reuters Corp gained over 4% as it reported better-than-expected quarterly results and raised its annual revenue forecast.

Digital media and sports-betting firm Score Media and Gaming Inc soared about 65% after Penn National Gaming Inc agreed to buy the company in a cash-and-stock deal worth nearly $2 billion.

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Additionally, data showed Canada unexpectedly posted a trade surplus of C$3.23 billion ($2.58 billion) in June, the largest in almost 13 years, as exports jumped on higher shipments of oil and autos.

The energy sector climbed 1.1% after oil prices rose towards $71 a barrel on rising Middle East tensions.

On the TSX, 151 issues were higher, while 71 issues declined for a 2.13-to-1 ratio favoring gainers, with 10.21 million shares traded.

The largest percentage gainers on the TSX were Spin Master Corp, which jumped 9.6%, and Torex Gold Resources Inc, which rose 8.1% after reporting results.

TSX down as commodity-linked stocks weigh

Cascades Inc fell 8.4%, the most on the TSX, after it reported quarterly results. The second biggest decliner was Sleep Country Canada Holdings Inc, also down 4.2% after results.

The most heavily traded shares by volume were Bombardier Inc, Score Media and Gaming Inc and Manulife Financial Corp.

The TSX posted no new 52-week highs and no new lows.

Across all Canadian issues there were 35 new 52-week highs and 3 new lows, with total volume of 25.59 million shares.