Mexican Stock Exchange Sees Strong Gains; Peñoles Stands Out
Mexico’s stock markets closed with significant gains on Tuesday, as local indices rose in line with the general optimism in global markets, driven by the approval of new economic stimulus measures in China.
The leading index of the Mexican Stock Exchange (BMV), the S&P/BMV IPC, which tracks the most traded local stocks, gained 2.35% to close at 53,653.95 points. The FTSE BIVA, from the Institutional Stock Exchange (BIVA), also advanced 2.49% to 1,092.36 points.
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Within the benchmark index, most components ended the day with gains. Shares of Industrias Peñoles stood out, jumping 7.83% to 298.54 pesos, responding positively to China’s stimulus package.
On the domestic front, inflation data for the first half of September was released earlier. The general consumer price index moderated to 4.66% year-on-year, marking its fourth consecutive fortnightly decline.
The Mexican peso appreciated against the U.S. dollar in Tuesday’s trading, as the local currency gained ground in a volatile session influenced by domestic inflation data and the announcement of a stimulus package in China, which boosted risk appetite.
The exchange rate closed at 19.3371 pesos per dollar, compared to 19.4104 pesos in the previous session, according to official data from the Bank of Mexico (Banxico). This represented an improvement of 7.33 centavos for the peso, equivalent to a 0.38% gain.
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