A strong showing by technology stocks on Monday powered the S&P/TSX composite index up 44.67 points, or 0.54%, to close at 8,555.23.

Volume was relatively light at 201 million shares with 692 issues advancing and 603 declining.

The technology sector gained almost 2.40%, as tech bellwether Nortel Networks closed up 24¢ to $7.73.

Research In Motion gained $5 to $123, following Friday’s news that it will receive royalties and a settlement from Good Technology as part of a deal that will see the firms dismiss pending lawsuits.

In the materials sector, Ipsco closed up $1.08 at $24.94 as investors cheered the steel pipe maker’s bright outlook.

On Friday, Ipsco said it expected to beat analysts’ estimates by at least 50%.

However, Aber Diamond slipped $1.90 to $41.25 after it lowered its 2004 diamond production output at its Diavik Diamond mine due to low-grade kimberlite.

Gold shares slipped 0.61%, as investors ventured out from the safe haven to invest in technology stocks. Placer Dome was off 44¢ to $23.09, while Bema closed down 20¢ at $4.55. Wheaton River fell 9¢ to $4.12.

However, losses in the group were softend by Barrick Gold, which finished up 30¢ at $30.30, on rumours that Newmount Corp. is preparing a bid for the firm.

The energy sector rose 1.17%. OPEC ministers meet in Vienna Tuesday to consider reversing an earlier decision to cut their production ceiling by four per cent or a million barrels a day in April.

Suncor shares closed up 91¢ at $35.66 and EnCana ended ahead 74¢ at $55.11.

Ivanhoe Energy has more than tripled its drilling budget to US$52 million in the United States and China. Its shares finished up 52¢ at $3.38.

Health-care stocks are up 1.38%, as several stocks in the group including Angiotech, MDA, Biovail, advanced more than 1%.

Among individual stocks, shares in Manitoba Telecom Services closed flat at $48.80 after the Toronto Stock Exchange said is considering requiring MTS to hold a shareholder vote on its proposed takeover of Allstream. Some investors are demanding that the phone company be converted into an income trust instead of embarking on an acquisition.

The junior S&P/TSX composite index slid 9.17 8 points to finish at 1,854.69. Volume was heavy at 65 million shares.

On Wall Street, stocks closed broadly higher, following positive analyst comments on a number of blue chip companies and strength in semiconductor sector.

The Dow Jones industrials average jumped 116.66 points, or 1.1%, to 10,329.63., to give the blue-chip barometer its second triple-digit gain in the last three sessions.

The technology-heavy Nasdaq composite index closed up 32.55 points, or 1.7% to 1,992.57, and the broader S&P 500 index added 14.41 points, or 1.3%, to 1,122.47.