The Mexican stock market operates with losses on Wednesday; Alsea’s drop puts pressure.
Alsea, which manages franchises of some restaurants such as Starbucks, Domino’s Pizza, and Burger King, is losing ground in the stock market after reporting yesterday that its net profit decreased by 34% year-on-year during the first quarter.
The Mexican stock exchanges are operating with losses on Wednesday morning. Local indices are declining, pressured by a sharp drop in the shares of franchise operator Alsea, in reaction to its weak quarterly report.
The leading index S&P/BMV IPC, of the Mexican Stock Exchange (BMV), which measures the most traded local stocks, is down 0.25% to 56,490.34 points. The FTSE BIVA index, of the Institutional Stock Exchange (Biva), is losing 0.21% at 1,158.01.
Within the benchmark index, most stocks are trading with losses. Alsea’s shares lead the decline, dropping by 4.03% to 73.99 pesos, while Peñoles stands out in gains, up by 3.62% at 281.27 pesos.
Alsea, which manages franchises of some restaurants such as Starbucks, Domino’s Pizza, and Burger King, is losing ground in the stock market after reporting yesterday that its net profit decreased by 34% year-on-year during the first quarter.
In economic figures, investors are digesting Mexico’s inflation data for the first half of April, which accelerated to 4.63% year-on-year, a figure that could anticipate a delay in Banxico’s rate reduction process.
Meanwhile, inflation in Mexico reported once again an acceleration in its level during the first half of April, according to information released by Inegi.
The National Consumer Price Index (INPC) reported a variation of 0.09% in the first half of the month, while on an annual basis it reached 4.63 percent.
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