Canada stocks-Miners lift Canada's TSX after Fed hurdle

Canada's main stock index advanced on Thursday, boosted by mining stocks tracking higher precious metal prices, while the U.S. Federal Reserve's reaffirmed focus on fighting inflation lifted broader risk appetite.

The Toronto Stock Exchange's S&P/TSX Composite Index .GSPTSE was up 0.9% at 35,824 at 10:43 a.m. ET (1443 GMT), poised for its biggest one-day jump in two weeks.

• The material sector .GSTPPMT, which houses Canadian miners, led gains with a 3.5% rise, on track for its biggest one-day jump since August 19.
• Gold prices rose more than 2%, rebounding from a near six-week low, while copper prices also rallied. GOL/ MET/L
• Discovery Mining DSV.TO and AbraSilver Resource ABRA.TO were the top gainers, rising 9% and 8.6%, respectively, while Barrick Mining ABX.TO was up 2.9%.

The Fed on Wednesday delivered its first interest rate hike in three years, and signaled more in the coming months, as it reiterated its stance on battling inflation.

Analysts flagged a global relief rally, with Mark Malek, CIO at Siebert Financial, saying, "The market's first tentative vote that a Fed willing to be the bad guy now is preferable to one that loses control of inflation later."

Oil prices dropped 3% to one-week lows as Saudi Arabia's cargoes calmed supply concerns, though prices remained above $100 a barrel.