CANADA STOCKS-TSX lifted by U.S. data; Cenovus Energy climbs

Wed Jul 30, 2014 10:41am EDT

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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