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Toronto stocks mixed

in moderate trade

TORONTO: Toronto stocks closed mixed in moderate trading with takeover battles supplying the only excitement in an otherwise dull session, analysts said.

The TSE 300 composite index slipped 0.25 points to 4619.92 on volume of 49.9 million shares valued at C$717.00 million.

Advancing stocks outpaced declines 383 to 322, with 369 issues unchanged.

"The market is still lacking direction. It's a typical end of the week session," said Fred Ketchen, senior vice-president of equity trading for Scotia McLeod Inc. Gold shares served up mdoerate gains, adding to Thursday's rally in that sector.

Aside from golds, Toronto's six strong groups included forestry, energy and consumer products.

Mining stocks surrendered recent gains as base metal prices corrected after a strong rally. The TSE's eight weak sectors also included transport, pipelines and banking.

"I guess the feature of the day has to be the continuing pace of takeovers and mergers," Ketchen said.

Rainy River Forest Products Inc jumped 3-1/4 to 20-1/2 on 1.8 million shares after announcing plans to merge with Stone-Consolidated Corp in a deal worth US$325 million.

Stone's stock fell 1/2 to 20-3/8 on 1.1 million shares.

Junior Minerals explorer Diamond Fields Resources Inc rose 2-1/8 to 77-3/8 on 228,731, extending Thursday's 3-1/4 climb.

Analysts said the stock was buoyed by continued takeover speculation and positive exploration news.

Home Oil Co Ltd eased 1/8 to 17-3/4 on 387,000 shares despite speculation that a higher takeover offer may emerge.

Anderson Exploration and Amoco Canada are currently battling for control of the Calgary-based company.

Business forms giant Moore Corp Ltd fell 1/4 to 28-1/2 on 36,444 shares after announcing its hostile bid for Wallace Computer Services cleared a U.S. anti-trust law waiting period.

Plaintree Systems Inc was the top high-tech issue, up 2-3/4 to 10-7/8 on 782,035 shares.

Rogers Communications Inc class B was the most-active stock, up 1/8 to 14-1/8 on 1.9 million shares.

In retailing, Canadian Tire Corp class A closed off 1/2 to 16-1/8 on 621,577 shares.-Reuter