Mexican Stock Market Advances Strongly, Poised for Third Consecutive Gain

Stock indices are rising as investors keep a close watch on Federal Reserve Chairman Jerome Powell’s testimony, with Cemex shares standing out.

Mexican stock markets are making strong gains in the midweek session. The indices are up for the third consecutive day as investors remain focused on Federal Reserve Chairman Jerome Powell’s testimony.

The leading index of the Mexican Stock Exchange (BMV), the S&P/BMV IPC, which includes the most traded local stocks, is up 1.14% at 53,938.81 points. The FTSE BIVA, from the Institutional Stock Exchange (Biva), is moving up 1.11% to 1,105.64 points.

Within the benchmark index, most stocks are trading in positive territory. Cemex stands out with a 4.02% increase to 11.64 pesos, OMA with a 3.63% rise to 159.30 pesos, and Grupo Financiero Inbursa with a 2.75% gain to 44.50 pesos.

Investors are following the second day of Powell’s semiannual testimony, this time before the House of Representatives. Yesterday, he highlighted progress in combating inflation in the Senate and indicated that rates could be reduced if economic data is favorable.

In other relevant news, Petróleos Mexicanos (Pemex) has completed the drilling of the Los Soldados exploratory well, where it identified 2.178 billion barrels of oil equivalent in prospective resources. This means these are not yet reserves but rather inferred resources based on nearby fields, which still require investments for characterization.

This well is located in Las Choapas, Veracruz, and in a few days, production testing and reserve confirmation will begin, according to a statement from the state-owned oil company.