Mexico Markets: IPC & the Peso — October 2, 2026
Updated 1 time · Latest: 2 October 2026
Key Facts
- The S&P/BMV IPC, Mexico’s main stock index, fell 0.60% to close at 63,828.60 on Thursday.
- The peso weakened, with the dollar buying 18.30 pesos, up 1.26% for the session.
- Airport operator GAP led the declines, sinking 3.39% with heavy selling in its shares.
- Tortilla maker Gruma bucked the trend, rising 1.40% to lead the day’s winners.
- Brazil was the only gainer among the region’s main indices, while Chile and Argentina also fell.
Today’s Focus
Mexico’s stock market slipped on Thursday, with the S&P/BMV IPC index falling 0.60% to 63,828.60. That is a loss of 385.76 points for the session.
The peso also lost ground. One US dollar now buys 18.30 pesos, up 1.26% on the day, a sharp one-day move for the currency.
Airport group GAP was the biggest drag, down 3.39%, while Gruma and Peñoles offered rare bright spots.
What matters today. The market is pricing in caution ahead of key US jobs data, leaving Mexican assets exposed to a stronger dollar and profit-taking.
01 The session in one read
Mexican shares began October with a soft step backwards. The S&P/BMV IPC, the benchmark index for Mexico’s most valuable listed companies, closed at 63,828.60, down 385.76 points or 0.60%.
The peso matched that mood. It weakened 1.26% to 18.30 per US dollar, a bigger move than the index itself.
The session was orderly rather than panicked, though airport operator GAP fell hard.
Investors seem to be waiting for the big event: Friday’s US jobs report. Until that lands, few want to place big bets on Mexican assets.
The fall was not a rout. It was a measured retreat ahead of US employment figures, which could shift global rate expectations. The peso’s 1.26% slide past 18.30 matters more for sentiment than the index move itself.
The variable to watch is whether dollar strength persists after the US payrolls report; that would keep pressure on Mexican stocks and the peso into next week.
02 The day’s numbers
| Measure | Level | Change | Read |
|---|---|---|---|
| S&P/BMV IPC | 63,829 | −0.60% | Main index fell; session low was 63,294.94 |
| USD/MXN | 18.30 | +1.26% | Peso weakened; dollar costs more pesos |
| Session range | 63,294.94–64,219.68 | — | Wide range shows nerves during the session |
The IPC’s range tells the story of a market that tried to rally early, reaching 64,219.68, then gave back all its gains and more.
The close near the day’s low suggests sellers had the final word, though the 0.60% fall is modest by Mexican standards. Rio Times · Live Market Intelligence
Live Market IntelligenceMexico — Live Market Board
Mexico — Live Market Board
Instrument Last Change YoY Prev. High Low Volume
IPC MEX
63,828.60
-0.60%
+12.17%
64,214.36
66,121
65,405
108,886,187
USD/MXN
17.06
-0.24%
-8.58%
17.10
17.08
17.01
—
WALMEX
48.07
-0.62%
-14.38%
48.37
48.65
48.02
10,781,446
GMEXICO
223.28
+0.35%
+73.59%
222.50
226.18
222.17
1,325,556
FEMSA
201.19
-0.24%
+25.67%
201.67
206.71
199.56
750,706
CEMEX
19.32
+0.89%
+19.10%
19.15
19.35
19.04
14,327,054
GFNORTE
193.98
+1.18%
+14.36%
191.71
195.79
191.83
1,579,115
BIMBO
60.98
-0.96%
+11.89%
61.57
61.46
60.29
1,048,115
TELEVISA
9.71
+0.21%
+12.78%
9.69
9.75
9.60
577,851
AMX
19.80
-0.95%
+12.53%
19.99
20.05
19.70
58,058,525
GAP
366.23
+0.43%
-21.21%
364.68
370.85
362.82
226,946
ASUR
275.04
+1.25%
-15.28%
271.64
275.08
271.31
15,451
OMA
233.50
+0.62%
-6.48%
232.06
235.00
230.62
555,693
KOF
188.04
+0.86%
+18.94%
186.44
188.56
185.52
425,273
GRUMA
252.90
+0.11%
-21.85%
252.61
254.74
250.36
90,048
KIMBER
39.74
+0.43%
+8.85%
39.57
40.09
39.33
490,551
AMX ADR
23.38
-0.23%
+22.25%
23.43
23.49
23.06
1,347,445
03 Why it moved — waiting on US data
This session had a clear script: hold back until Friday’s US payrolls report. That data will shape how the US Federal Reserve thinks about interest rates, and Mexico trades closely with its northern neighbour.
A firm dollar did not help. When the US currency strengthens, emerging-market assets like the peso often slip as global money tilts back toward the United States.
Local news was not strong enough to fight that tide, and the day’s driver was external caution.
Two surveys on Thursday gave a mixed read on the industrial base. The S&P Global Mexico Manufacturing PMI rose to 50.3 in September from 49.8 in August, back above the 50 line that separates growth from contraction. INEGI’s manufacturing business confidence index stayed at 48.0, unchanged from August and still below the 50 mark. The PMI is a modest domestic positive for the peso and the IPC, but it was small next to the dollar’s move.
04 The day’s movers
| Driver | Level / Move | Change | Note |
|---|---|---|---|
| GAP (Grupo Aeroportuario del Pacífico) | Down 3.39% | −3.39% | Biggest fall; airports were hit hardest |
| Gruma | Up 1.40% | +1.40% | Tortilla and corn flour maker led gains |
| Industrias Peñoles | Up 1.45% | +1.45% | Silver and gold miner benefited from metal prices |
| Pinfra | Up 0.90% | +0.90% | Infrastructure builder found demand |
| Cuervo | Down 1.40% | −1.40% | Tequila maker slipped |
Airport operators were the weak link. GAP’s sharp decline shows how exposed infrastructure names are to growth worries and dollar-based fuel and debt costs.
On the upside, Gruma and Peñoles had genuine support. Gruma’s consumer staples business is defensive, while Peñoles benefits when precious metals like silver and gold rise.
05 The regional scoreboard
| Index | Country | Change |
|---|---|---|
| Ibovespa | Brazil | +0.46% |
| Merval | Argentina | −2.15% |
| S&P/BMV IPC | Mexico | −0.60% |
| IPSA | Chile | −0.56% |
Mexico was not alone in falling. Chile and Argentina also slipped, and Brazil was the only index to gain.
The divergence suggests local stories matter. Brazil’s commodity-heavy index gained 0.46% on firmer oil, while Mexico’s index could not escape the peso’s softness and the shadow of US data.
06 The technical picture
The IPC closed near its session low of 63,294.94, which now becomes the first level of support to watch. A break below that could open the door to more selling.
On the upside, the day’s high at 64,219.68 is the immediate target for any recovery. Momentum leans cautious.
For the peso, the 18.30 mark is psychologically important. Staying above it signals that dollar strength remains the dominant theme for Latin American currencies.
07 What to watch
- US payrolls report: Friday’s jobs data for September will set the tone for the dollar and for Mexican assets across all sessions.
- Peso around 18.30: Whether the peso holds or breaks above this level will tell us if the weakness is a wobble or a trend.
- Airport operators: GAP and its peers remain vulnerable; any softer growth news could see them fall further.
- Metal prices: Peñoles and Grupo México tracked gold, silver and copper. Higher metals would support those names even in a weak tape.
Frequently Asked Questions
What is the S&P/BMV IPC?
It is Mexico’s main stock index, tracking the country’s most traded and valuable local companies. A fall means those shares, on average, lost value.
Why did the peso weaken?
A firmer dollar and caution ahead of US jobs data pushed investors toward the US currency, making dollars more expensive in pesos.
Which Mexican shares moved most?
GAP fell 3.39% to lead losses. Gruma rose 1.40% to lead gains, supported by defensive buying and steady demand for staples.
What should I watch next?
The US employment report is the big one. It can shift interest-rate expectations and the dollar’s strength against the peso quickly.
Market data: RT; exchange figures from BMV
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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