Canadian stocks are lower but above day lows in mid-day trade with the S&P/TSX Composite Index down around 20 points to 12,521 as investors and traders take in to account that while news of the U.S. reaching a fiscal deal is positive, it will lead to a slowdown in the U.S. economy next year, which is bad for Canada as its largest trading partner.
Industry sectors are split roughly equally between winners and losers with gold miners and other material stocks proving the largest drags. Industrials are the biggest winners in percentage terms.
In company news, ADRs of General Motors (GMM-U.TO) are up nearly 4% and have hit 52 week highs in Toronto trade, outpacing a 2.2% advance for GM shares on the New York Stock Exchange with the automaker today projecting 2013 sales of between 15 million to 15.5 million in the United States.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
