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 .GSPTSE 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 .SPTTEN , which climbed 1.3 percent, as oil touched two-week high. Suncor Energy 's SU.TO 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 CLc1 prices were up 2.1 percent a barrel, while Brent crude LCOc1 added 2.1 percent. O/R
* The most heavily weighted financials sector .SPTTFS gained 0.2 percent.
* The biggest boost was Royal Bank of Canada RY.TO , which rose 0.19 percent after the country's biggest lender reported quarterly earnings that topped market expectations. Canadian Imperial Bank of Commerce CM.TO is due to report on Thursday followed by Toronto-Dominion Bank TD.TO , Bank of Nova Scotia BNS.TO and Bank of Montreal BMO.TO next week. All these bank stocks were up between 0.1 pct to 0.4 pct.
* The materials sector .GSPTTMT , which includes precious and base metals miners and fertilizer companies, added 0.7 percent as gold futures GCc1 rose 0.3 percent to $1,196.2 an ounce. Copper prices CMCU3 declined 0.1 percent to $6,039 a tonne. GOL/ MET/L
* Oil producer Raging River Exploration RRX.TO jumped 5.4 percent after receiving shareholder and court approval for its planned merger with rival Baytex Energy Corp BTE.TO . Baytex shares were up 4.4 percent. Both these stocks were the largest percentage gainers on the TSX.
* Magna International MG.TO fell 2.0 percent, the most on the TSX. The second biggest decliner was Aurora Cannabis ACB.TO , down 2.0 percent.
* The most heavily traded shares by volume were of Aurora Cannabis ACB.TO , Baytex Energy Co BTE.TO and Aphria Inc APH.TO .
* 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.