CANADA STOCKS-TSX lifted by U.S. data; Cenovus Energy climbs
By Leah Schnurr TORONTO, July 30 (Reuters) - Canada's main stock index rose on Wednesday, helped by data that showed the U.S. economy grew more than expected in the second quarter, while shares of Cenovus Energy gained after its profit more than tripled. The U.S. economy bounced back in the second quarter with growth of 4 percent, recovering from a decline in the first three months of the year. While Canadian economic growth has been lackluster, a stronger recovery in the United States, its biggest trading partner, is seen as ultimately benefiting Canada. Cenovus was among the stock index's biggest gainers, rising 2.6 percent after the independent oil producer said its second quarter profit was helped by increased production at an oil sands project. The stock was up at C$33.65. The day's gains saw the index notch another record, adding to a recent string of highs that have helped Toronto stocks rise more than 13 percent in the year so far. "The prospect of increasing economic growth in the United States and Europe and China ... combined with what seems to be still reasonably favorable corporate profit reports, indicates the market probably works its way higher," said Rick Hutcheon, president and chief operating officer at RKH Investments in Toronto. The Toronto Stock Exchange's S&P/TSX composite index was up 53.98 points, or 0.35 percent, at 15,500.53. Among other companies reporting quarterly results, MEG Energy Corp swung to a profit from a year-ago loss and raised its annual production forecast. MEG's shares were up 3.8 percent at C$39.16. Thomson Reuters gained 3.8 percent to C$41.59 after it reported higher revenue and profit. On the downside, Penn West Petroleum was the biggest laggard, tumbling more than 15 percent after the company said it would have to restate some of its financial results. The stock was down at C$8.41. (Editing by Bernadette Baum)
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