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S&P/TSX Composite Index up Over 400 Points Late Morning, Boosted by Base Metals

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The S&P/TSX Composite Index jumped near 432 points late morning, led by strong gains in base metals and information technology.

Base metals was up 5.7%, boosted by higher gold and precious metals prices.

The information technology sector, which had been buffeted by a sell-off last week over AI-related profitability concerns, was last seen 4.2% higher.

The energy sector was the worst performer, down 2.4%, pulled down by lower oil prices as Qatar confirmed that a draft agreement to reopen the Strait of Hormuz was being circulated. No further details were available.

In stocks, Telesat (TSAT.TO) jumped 37% to C$71.25 late morning after securing a C$2.3 billion contract with Canada's Defence Investment Agency to deliver secure Arctic military satellite connectivity to the Canadian Armed Forces.

MDA Space (MDA.TO) rose 14% to C$48.40 after it was awarded C$474 million contract to supply additional next-generation broadband satellites to Telesat.

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