October 1, 2018 / 5:28 PM / in 17 days

BUZZ-New NAFTA deal lifts shares of carmakers, auto parts makers

(Updates)

** U.S. carmakers, auto parts makers gain as worries over higher tariffs eased on a last-minute trade deal between U.S. and Canada to rescue the trilateral NAFTA accord with Mexico

** Car makers Ford up 1.57 pct at $9.40, while General Motors climb 1.1 pct to $34.06

** Auto parts cos Superior Industries, American Axle , Lear Corp, BorgWarner, Visteon Corp Magna International gain between 0.23 pct and 3.5 pct

** Shares of Canadian auto parts makers also took heart from the new pact as shares of Magna International were up 3.7 pct and Linamar 7.8 pct

** “NAFTA concerns have weighed on the auto industry and the new deal appears to remove risks to Canadian-U.S. auto trade and worries of very high tariffs which could create negative impacts” - David Tyerman, analyst at Cormark Securities (Reporting by Shreyashi Sanyal and Amy Caren Daniel in Bengaluru)

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