Stocks in Toronto finished lower today. Attention was focussed on energy stocks after PanCanadian Energy’s and Alberta Energy Co. announced that they plan to merge and a form a new energy giant.

The Toronto Stock Exchange 300 composite index closed down 15.59 points at 7,643.70. The oil and gas sector finished the day down 0.75 percent. PanCanadian dropped $2.90 to $42.30. Alberta Energy swelled $1.95 to $61.45. Each company traded over 10 million shares Ð much bigger than in an average trading day. Industry watchers are lauding the deal.

Overall, eight of the TSE’s 14 sub-groups declined during the day. The consumer products group fell 1.02%, led downward by the biotech sector. Biovail Corp. fell $1.41, to $76.94. Angiotech Pharmaceuticals Inc. lost $1.25 a share falling to $84.75. QLT Inc. slipped $1.34, to $34.92.

Trading was heavy on the CDNX – a volume of 44.1 million shares worth $24.6 million There were 212 advancing issues, 233 declining issues, and 538 issues that remained unchanged.The index closed up just 7.05 at 1117.44

In the U.S., the picture was marginally better as stocks edged up. Investors are languishing over questions about economic recovery and awaiting bon mots from Allan Greenspan during the year’s first meeting of the U.S. Federal Reserve being held this week.

The Dow Jones industrial average climbed 25.67 points to 9,865.75. The broad S&P 500 Index shed 0.22 of a point to 1,133.06. The NASDAQ composite index added a mere 6.22 points scraping up to 1,943.92. Cisco Systems Inc. added a US57¢ gain, finishing the day at $19.70.