CANADA STOCKS-TSX rises to 11-month high, led by financials

(Adds details throughout on stocks and sectors, updates prices)

* TSX up 31.07 points, or 0.21 percent, at 14,555.68

* Nine of the TSX’s 10 main groups are higher

TORONTO, July 20 (Reuters) - Canada’s main stock index set an 11-month high on Wednesday as oil prices turned higher and financial and energy shares advanced, offsetting losses for gold stocks as the precious metal fell.

Financials rose 0.6 percent, including a 0.7 percent gain for Royal Bank of Canada to C$80.49.

Brookfield Asset Management Inc rose 0.6 percent to C$45.90. The company plans to invest about $1 billion in Indian distressed assets through a joint venture with the largest lender in the South Asian nation.

Industrials advanced 0.7 percent, led by railroad stocks. Canadian Pacific Railway Ltd reported lower second-quarter earnings as volumes dropped, and it said its chief executive officer would step down next July while remaining as an adviser. Still, its shares gained 0.9 percent to C$187.74.

The energy group was up 0.6 percent as oil turned higher after weekly U.S. inventory data revealed a slightly larger-than-anticipated drawdown. U.S. crude futures rose 0.5 percent to $44.89.

Enbridge Inc fell 0.1 percent to C$54.53. The U.S. Justice Department and Environmental Protection Agency will fine the company $62 million for a 2010 oil spill that released crude into the Kalamazoo River in Michigan, a TV station in the state reported on Wednesday, citing a source.

At 11:05 a.m. EDT (1505 GMT), the Toronto Stock Exchange’s S&P/TSX composite index rose 31.07 points, or 0.21 percent, to 14,555.68. It touched its highest since Aug. 5 at 14,567.35.

Nine of the index’s 10 main groups were higher.

The materials group, which includes precious and base metals miners and fertilizer companies, was the lone group to decline. It dropped 1.9 percent as gold fell to a three-week low.

Barrick Gold Corp dropped 4.8 percent to C$26.75, and Goldcorp Inc declined 3.2 percent to C$24.04, while spot gold was down 1 percent. (Reporting by Fergal Smith; Editing by Lisa Von Ahn)