Aug 22 (Reuters) - Canada’s main stock index rose on Wednesday as rising oil prices lifted energy stocks and the financial sector got a boost from Royal Bank of Canada’s strong quarterly earnings.
* At 9:34 a.m. ET (13:34 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was up 44.58 points, or 0.27 percent, at 16,341.55.
* Seven of the index’s 11 major sectors were higher
* Leading the gainers on TSX was the energy sector , which climbed 1.3 percent, as oil touched two-week high. Suncor Energy’s 1.7 percent rise was the biggest help to the energy sector.
* Oil prices rose as an industry report showing a drop in U.S. crude inventories and U.S. sanctions on Iran pointed to tighter supplies. U.S. crude prices were up 2.1 percent a barrel, while Brent crude added 2.1 percent.
* The most heavily weighted financials sector gained 0.2 percent.
* The biggest boost was Royal Bank of Canada, which rose 0.19 percent after the country’s biggest lender reported quarterly earnings that topped market expectations.
* Canadian Imperial Bank of Commerce is due to report on Thursday followed by Toronto-Dominion Bank, Bank of Nova Scotia and Bank of Montreal next week. All these bank stocks were up between 0.1 pct to 0.4 pct.
* The materials sector, which includes precious and base metals miners and fertilizer companies, added 0.7 percent as gold futures rose 0.3 percent to $1,196.2 an ounce. Copper prices declined 0.1 percent to $6,039 a tonne.
* Oil producer Raging River Exploration jumped 5.4 percent after receiving shareholder and court approval for its planned merger with rival Baytex Energy Corp. Baytex shares were up 4.4 percent. Both these stocks were the largest percentage gainers on the TSX.
* Magna International fell 2.0 percent, the most on the TSX. The second biggest decliner was Aurora Cannabis , down 2.0 percent.
* The most heavily traded shares by volume were of Aurora Cannabis, Baytex Energy Co and Aphria Inc .
* On the TSX, 165 issues were higher, while 67 issues declined for a 2.46-to-1 ratio favouring gainers, with 8.32 million shares traded.
* The TSX posted one new 52-week highs and no new lows.
* Across all Canadian issues there were four new 52-week highs and two new lows, with total volume of 13.39 million shares. (Reporting by Medha Singh in Bengaluru)