North American equities markets ignored tensions in the Middle East and climbed on the technology bandwagon on Tuesday.

The Toronto Stock Exchange 300 composite index packed on 75.28 points, or 1%, to close at 7,450.10. Almost 156 million shares changed hands.

Investors latched on to positive comments about tech stocks. An analyst at UBS Warburg said the computer chip industry had bottomed out and was due for recovery.

As well tech bellwether Cisco Systems Inc. jumped US66¢ to US$20.52 after the company announced orders in November met expectations.

Nine of the TSE’s 14 sub-indices closed higher, led by a 3.8% gain in industrials. The only other group up more than 1% was consumer products.

Gold stocks gave up yesterday’s gains. The gold and precious metal sub-index slide 1.5%, while real estate slipped 1.3%.

Market breadth was positive with advancing Issues surpassing decliners 561 to 497.

Shares of Laurentian Bank were unchanged at $30 after the bank’s profits slumped in the fourth quarter due to the weak economy.

Laurentian said it earned $23.5 million in the three months ended Oct. 31, compared with a profit of $30.1 million in the same period last year. Diluted earnings fell to 87¢ cents per share from $1.31.

Air Canada advanced over 5% to $4.50, after federal Transport Minister David Collenette said that the carrier’s dominant position in the market was “untenable” and must be reduced.

Rothmans Inc. shares fell 80 cents to $27.90 after the company said it wouldn’t incease its offer for Sante Fe Natural Tobacco.

Shares of MGI Software rose 5¢ to $1.10 following a takeover bid from Roxio Inc. U.S.-based Roxio has agreed to buy MGI for $51.7 million.

Venture capital stocks were up just slightly on Tuesday. The CDNX Index closed up 0.96 points at 3,080.43. Trading was active on a volume of 34.3 million shares, with 197 advances, 212 declines and 693 issues unchanged.

In New York, stocks finished strong Tuesday as investors put Enron’s troubles aside and focused on the positive aspects of the news coming from the technology sector.

The Dow Jones industrial average closed up 129.88 points, or 1.3%, to 9,893.84, while the Nasdaq composite index gained 58.20 points, or 3.1%, to 1,963.10. The S&P 500 was up 14.90 points to 1,144.80.