Mexico IPC Slips 0.2% as Peso Gains 0.8% | Mexico Market Report, Oct 2
Key Facts
- The S&P/BMV IPC fell 0.18% to 63,712.24, leaving Mexico’s benchmark stock index about 11% below its 52-week high.
- The peso gained on the day with the dollar closing at 18.145 pesos, down 0.83% (RT close), as the US dollar index slipped 0.17% to 101.92.
- US jobs data came in weak: US employers added 29,000 jobs in September against a forecast of 90,000, and unemployment rose to 4.2% (Bureau of Labor Statistics).
- Grupo México rose 3.71% and América Móvil 1.95%, while Banorte added 1.73% and Cemex 0.87%.
- Walmex slipped 1.03% and Femsa 0.29%; airport operator GAP gained 1.58%.
Today’s Focus
Mexico’s S&P/BMV IPC slipped 0.18% to 63,712.24 on Friday 2 October, while the peso strengthened. The dollar closed at 18.145 pesos, down 0.83%, so a dollar-based investor holding Mexican shares gained on currency even as the index edged lower.
The same morning the US Bureau of Labor Statistics reported that employers added only 29,000 jobs in September, well below the 90,000 forecast, and that unemployment rose to 4.2%. The dollar index fell 0.17% on the day. We cannot say how much of the peso’s move this explains, because no Mexican data were released.
The index ended 11% below its 52-week high of 71,601. Monday’s open will show whether the peso’s gain holds.
What matters today. A softer dollar helped the peso, but Mexican shares did not follow: the IPC lagged both Brazil and Wall Street.
01 The session in one read
Mexico’s benchmark stock index ended Friday slightly lower, while the currency did the moving. The S&P/BMV IPC, the main barometer for Mexican equities, fell 0.18% to 63,712.24, about 11% below its 52-week high.
The peso gained 0.83%: the dollar closed at 18.145 pesos, from 18.2965 on Thursday. For context, the US S&P 500 rose 0.73% to 7,723.
Winners were led by mining and telecoms. Grupo México rose 3.71%, América Móvil 1.95% and Banorte 1.73%. Walmex lost 1.03%.
The evidence points to a currency-led session: the peso rose while the index slipped, so local equities did not share the dollar’s weakness. With no major Mexican data or company news on the day, the IPC’s 0.18% fall is small and should not be over-read. The variable to watch is whether the peso holds near 18.15 per dollar after the weak US jobs report.
02 The day’s numbers
| Measure | Level | Change | Read |
|---|---|---|---|
| S&P/BMV IPC | 63,712.24 | −0.18% | About 11% below 52-week high; day range 63,694.62 to 64,025.00 |
| USD/MXN | 18.145 | −0.83% | Peso stronger; dollar index down 0.17% |
| S&P 500 | 7,723 | +0.73% | US equities rose; Mexico lagged |
The IPC’s close at 63,712.24 was 0.18% below Thursday’s 63,828.60. The session range was narrow, from 63,694.62 to 64,025.00, a spread of about 330 points.
For the peso, the dollar’s fall from 18.2965 to 18.145 followed a rise of 1.26% on Thursday, so Friday recovered part of that loss.
Calendar, 2 October. The US employment report was the one major scheduled release relevant to Mexico. Nonfarm payrolls rose 29,000 (forecast 90,000, revised August 133,000), private payrolls rose 46,000 (forecast 85,000), manufacturing added 9,000 jobs (forecast 10,000), government employment fell 17,000 (forecast +15,000), unemployment rose to 4.2% (forecast 4.1%) and the broader U-6 rate eased to 7.6% (forecast 7.7%). Mexico exports mostly to the US, so weak US hiring matters for demand for Mexican goods. Mexico itself published no major data on the day.
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| Instrument | Last | Change | YoY | Prev. | High | Low | Volume |
|---|---|---|---|---|---|---|---|
| IPC MEX | 63,712.24 | -0.18% | +12.17% | 63,828.60 | 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: a weaker dollar and weak US jobs
A softer dollar and a weak US jobs report were the main events on the day. The US dollar index fell 0.17% to 101.92, which usually helps emerging-market currencies such as the peso.
We found no Mexican news that explains the IPC’s small fall. The index gave back a little after Thursday’s 0.60% decline, and the move was driven by individual stocks: Walmex lost 1.03% while Grupo México, América Móvil and Banorte gained.
Global markets were firm. The S&P 500 rose 0.73%, so Friday’s Mexican softness was local to the index rather than a broad emerging-market sell-off.
04 The day’s movers
| Driver | Level / Move | Change | Note |
|---|---|---|---|
| Grupo México | +3.71% | + | Largest gain among the stocks tracked |
| América Móvil | +1.95% | + | Telecoms gained |
| Banorte (GFNORTE) | +1.73% | + | Bank stocks found buyers |
| GAP (airport operator) | +1.58% | + | Airports rose despite the index fall |
| Cemex | +0.87% | + | Cement group edged higher |
| Femsa | −0.29% | − | Consumer name slipped |
| Walmex | −1.03% | − | Biggest decliner of the stocks tracked |
The movers tell a mixed story. Mining and telecoms led, while Mexico’s biggest retailer, Walmex, lost 1.03%.
GAP’s 1.58% gain on a day the index fell shows that stock moves were not uniform. We have no company news that explains the individual moves, so we do not attribute causes.
05 The regional scoreboard
| Index | Country | Change |
|---|---|---|
| Ibovespa | Brazil | +2.63% |
| S&P/BMV IPC | Mexico | −0.18% |
| S&P IPSA | Chile | +0.08% |
| S&P Merval | Argentina | +0.32% |
| COLCAP | Colombia | — |
Brazil’s Ibovespa rose 2.63% on the eve of Sunday’s general election, so Mexico’s 0.18% fall stands out against the region’s largest market. Chile’s IPSA gained 0.08%, Argentina’s Merval 0.32%.
Argentina’s and Colombia’s index changes come from local media (Infobae, Investing.com), because RT has no series for them.
06 The technical picture
The IPC closed at 63,712.24, in the lower third of its 52-week range of 60,216 to 71,601 (closing levels). The 64,000 mark, which the index briefly touched intraday at 64,025 before closing below it, is the nearest round-number level.
For the peso, 18.145 per dollar is the reference to watch. A sustained move below 18.00 would mark a clear strengthening, while a return above 18.30 would erase Friday’s gain.
07 What to watch
- Peso near 18.15: Whether the peso holds Friday’s gain after the weak US jobs report.
- US data and the dollar: The dollar index at 101.92 and the next US labour data will set the tone for Mexican assets.
- Banxico: The central bank’s next rate signal matters for both the peso and bank shares such as Banorte.
- Individual stocks: Grupo México rose 3.71%; Monday will show whether the move extends.
Frequently Asked Questions
Why did Mexican stocks fall while US stocks rose?
The IPC slipped 0.18% while the S&P 500 rose 0.73%. We found no single Mexican trigger; moves in individual stocks such as Walmex (down 1.03%) outweighed gains in Grupo México (up 3.71%).
What is the S&P/BMV IPC?
It is Mexico’s benchmark stock index, tracking the 35 largest and most liquid companies listed on the country’s main exchange. It is the primary gauge for how Mexican equities are performing.
Why does the peso matter to investors in Mexican stocks?
A weaker peso reduces foreign investors’ dollar returns on Mexican assets. It also raises import costs for local companies and can push inflation higher, which may force the central bank to keep rates elevated for longer.
What did the peso do on Friday?
The peso strengthened: the dollar closed at 18.145 pesos, down 0.83% from 18.2965 on Thursday, as the US dollar index fell 0.17%.
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 · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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