(Updates with analyst comment, market open prices)

By Nikhil Sharma

Aug 27 (Reuters) - Canada's main stock index hit a fresh

record high on Wednesday as investors cheered strong quarterly

results from top domestic lenders, including Royal Bank of

Canada ( RY ).

At 09:48 a.m. ET (1348 GMT), the Toronto Stock Exchange's

S&P/TSX composite index was up 0.23% at 28,403.82

points, edging past Friday's intraday record climb.

RBC topped analysts' profit estimates as it set

aside smaller-than-expected loan loss provisions that included

releases in its wealth management segment.

Its shares jumped 5.3%, helping lift the financial index

, with 32% weighting on TSX, by 1.1% in early trading.

"A big part of our stock market is banks and financials, and

so the market's been reacting positively to that," said Devin

Cattelan, portfolio manager at Verecan Capital Management.

Peers Bank of Montreal ( BNKD ) and Bank of Nova Scotia ( BNS )

have also benefited from smaller provisions on the back

of easing trade tensions.

National Bank of Canada ( NTIOF ) reported an increase in

third-quarter profit, but its shares were down 4.3%.

Canadian banks have been expanding their wealth management

segment due to stable fee-based revenue, diversifying from

interest income tied to shifting rates and credit risks.

"As markets have grown, there would be growth that would

happen in the underlying portfolios, which would help boost

revenues and profits in those sectors," Verecan's Cattelan

added.

Meanwhile, Dollarama ( DLMAF ) dipped 3.6%. The discount

store operator's quarterly sales surpassed market estimates,

driven by higher demand as shoppers looked for affordable

household supplies and groceries.

Canada Goose's controlling shareholder Bain

Capital has received take-private bids at a valuation of about

$1.4 billion, CNBC reported, citing people familiar with the

matter.

Shares of the luxury goods maker climbed 13%.

On the flip side, TSX's materials index lost 1.3%

as it tracked lower gold prices, pressurised by a firm dollar

and profit-taking.