(RTTNews) - Canadian stocks plunged at the opening bell Friday morning in Toronto, but there were signs of buying interest in the financial sector, a somewhat hopeful sign that North American markets may be setting a bottom.

After dropping more than 500 points at the open, the S&P/TSX Composite Index has halved its daily loss and is down 247 points at 9351.21. Resource stocks continue to take a beating amid concerns about global demand.

The main index has tumbled to its lowest levels since January 2005. This has been the worst week in the history of the Canadian market amid fears that the world is on the verge of a prolonged recession.

Energy stocks are down 6 percent, with the price of oil tumbling below $80 for the first time this year. Base metal stocks are also under heavy pressure.

Slumping Equinox Minerals (EQN.TO) is down more than 30 percent, while Inmet Mining (IMN.TO) has dropped 11 percent.

Statistics Canada reported Friday morning that employment increased by 107,000 in September following a decline in July and a small gain in August.

Almost all of the 97,000 increase was in part-time work. Despite the gain, the unemployment rate was unchanged at 6.1%, as the increase in employment was matched by a similar rise in labor force participation. Analysts were predicting a modest increase in the neighborhood of 15,000.

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Posted in Categories: Canada, Releases, Stocks.

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