(RTTNews) - Bay Street stocks are getting hammered for a fourth day Friday morning amid concerns that slowing global growth will significantly reduce demand for Canadian goods and service.

With commodity producers continuing to take a beating, the S&P/TSX Composite Index is down 250 points at 12,560.40, extending its multi-month lows.

Disappointing jobs data from the US renewed talk of recession for Canada’s biggest trading partner. A Department of Commerce report showed that non-farm payroll employment fell by 84,000, lifting the US unemployment rate to its highest level in almost five years.

Canadian employment edged up by 15,000 in August according to data release by Statistics Canada Friday morning, signaling some stabilization in the jobs market after a dismal reading the previous month,

Canadian employment declined at the fastest pace in 17 years in July, A decline of 55,000 jobs was reported in July, following a decline of 5,000 in June.

Energy stocks are down 2.1 Oil prices were lower in early trading on Friday, adding to a recent decline. Light sweet crude for December moved to $105.50, down $2.39 on the session.

As of 10:30 am ET, gages of all major sectors were moving in the red, with losses most pronounced among industrials.

In corporate news, Barrick Gold Corp. (ABX.TO) said it purchased approximately 56.1 million common shares or over 94% of the issued and outstanding common shares of Cadence Energy Inc. The acquisition took place following Barrick’s offer to acquire all of the outstanding shares of Cadence for C$6.75 cash per share. Barrick shares are little changed.

Gerber Scientific Inc. (GRB) announced that it has entered into a definitive deal to lake an offer to acquire all of the outstanding shares of Virtek Vision International Inc. (VRK.TO) for C$1.05 per share or C$35.1 million in cash. Virtek shares are up 1 percent.

Bombardier Aerospace, a division of Bombardier Inc. (BBD.A.TO, BBD.B.TO), said that Austrian Airlines of Vienna signed a contract to acquire four Q400 NextGen turboprop airliners. The airline has also taken options on an additional two aircraft.

The company said that based on the list price for the Q400 NextGen aircraft, the contract is valued at approximately US$118 million. The contract value could increase to US$179 million if both options are exercised. Bombardier Inc. shares are down 5 percent.

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Posted in Categories: Canada, Releases, Stocks, USA.

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