Mexico Markets: IPC & the Peso — September 26, 2026
Key Facts
- Mexico’s main stock index the S&P/BMV IPC, rose 1.13% to 64,992 points on Friday, lifting the week’s gain to 2.6% and ending a four-week losing streak.
- The peso strengthened, with the dollar falling 0.29% to 17.6734 per US dollar, as a softer US currency offered relief to local assets.
- Cemex and GAP were among the most-traded shares, with the cement maker gaining 2.3% and the airport operator 2.1%.
- America Movil slipped 0.3%, one of the blue chips in the red, while tequila maker Cuervo led the decliners with a 4.0% drop.
- The index remains in a downtrend, sitting 9.2% below its 52-week high of 71,601, but back above the 64,000 level it lost in mid-September.
Today’s Focus
Mexico’s stock market closed higher on Friday, with the S&P/BMV IPC — the country’s benchmark share index — adding 1.13% to finish at 64,992 points. The peso also firmed to 17.6734 per US dollar, as the dollar fell 0.29% on the session.
The gains were led by cement maker Cemex, up 2.3%, and airport operators GAP and ASUR, which rose 2.1% and 2.0% respectively. Restaurant operator Alsea was the standout performer, jumping 4.1%.
Tequila maker Cuervo was the day’s biggest loser, falling 4.0%, while telecoms giant America Movil slipped 0.3%. The index’s positive close masked a market still working through a difficult patch — it remains about 9% below its record close of 71,601, set in February.
What matters today. The market’s return above 64,000 while the peso steadies suggests short-term selling pressure is easing. Conviction still looks thin.
01 The session in one read
Mexico’s benchmark stock index, the S&P/BMV IPC — a basket of the country’s 35 most valuable listed companies — closed up 1.13% at 64,992 points on Friday. The peso, Mexico’s currency, also strengthened, with the dollar falling 0.29% to 17.6734 per US dollar.
It was a session of two halves. Early caution gave way to buying in large, liquid shares that had been oversold in recent weeks, while the currency drew support from a softening US dollar — the greenback’s value against a basket of major currencies fell 0.25%.
Cement maker Cemex, a bellwether for economic activity, rose 2.3% on the day’s second-highest turnover. Airport operators GAP and ASUR — which run some of the country’s busiest travel hubs — gained more than 2%, hinting that investors were willing to rotate into domestic infrastructure plays.
The evidence points to a relief rally rather than a fundamental shift. The peso’s firming, a softer US dollar, and buying in liquid, beaten-down industrials like Cemex are classic signs of short-covering and bargain hunting after a period of weakness — not the start of a new uptrend.
The index’s 9.2% discount to its 52-week high and thin overall conviction suggest the market is stabilising rather than surging. The variable to watch is whether the peso can hold gains in coming sessions: further peso strength would support the index, while renewed dollar strength would likely resume the selling.
02 The day’s numbers
| Measure | Level | Change | Read |
|---|---|---|---|
| S&P/BMV IPC | 64,992 | +1.13% | Back above 64,000 |
| USD/MXN | 17.6734 | −0.29% | Peso firms as dollar sags |
| 52-week positioning | 9.2% below high | — | Range 60,216–71,601 |
| VIX volatility index | 14.87 | −5.11% | Fear gauge cools sharply |
The IPC’s gain to 64,992 leaves it about 9.2% below its 52-week high of 71,601, but comfortably above the 52-week low of 60,216. The close above 64,000 matters, because the index spent most of the previous week below that level.
The peso’s move to 17.6734 per US dollar was modest but positive. It still ended the week about 2.5% weaker, from 17.2285 per US dollar on 18 September.
The currency remains 5.4% firmer than its weakest close of the past 52 weeks, 18.679 per US dollar in November 2025, reflecting still-substantial resilience after a volatile week. 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
64,651.92
+0.60%
+12.17%
64,264.16
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 softer dollar and bargain hunting
The main driver was external. The US dollar index, which measures the greenback against a basket of major currencies, slipped 0.25% — and a softer dollar tends to lift emerging-market assets like the peso and Mexican equities.
Domestically, the buyers were selective. They chased beaten-down but liquid names — Cemex, GAP, ASUR, Walmex — while avoiding telecoms giant America Movil, which slipped 0.3%.
The local mood was also shaped by the central bank’s decision on Thursday to keep its benchmark interest rate unchanged at 6.50%. Banxico, as the Mexican central bank is known, signalled it is watching inflation and the peso’s recent depreciation closely.
Amid that backdrop, Friday’s session read as a vote of cautious confidence: investors were willing to nibble at risk, but not to place big directional bets.
04 The day’s movers
| Driver | Level / Move | Change | Note |
|---|---|---|---|
| Cemex cement maker | CPO | +2.3% | US$19m traded — among the most-traded shares |
| GAP airport operator | B share | +2.1% | US$22m traded — travel demand play |
| Alsea restaurant operator | Stock | +4.1% | Session’s biggest gainer |
| America Movil telecoms | B share | −0.3% | US$17m traded — blue chip in the red |
| Cuervo tequila maker | Stock | −4.0% | Worst performer on the day |
The most-traded board tells the story of a market favouring concrete over connectivity. Cemex, Mexico’s largest cement producer, drew US$19 million in turnover and gained 2.3%, while GAP — the airport group that runs 12 Mexican airports, including Guadalajara and Tijuana — rose 2.1% on US$22 million in trades.
The outlier was America Movil, the telecoms empire controlled by billionaire Carlos Slim. It slipped 0.3% despite US$17 million in turnover, suggesting some investors were trimming positions in the defensive name to fund purchases elsewhere.
The biggest loser was Cuervo, the tequila producer, down 4.0% — a sharp reversal for a consumer staple that has been volatile through the year.
05 The regional scoreboard
| Index | Country | Change |
|---|---|---|
| S&P/BMV IPC | Mexico | +1.13% |
| Ibovespa | Brazil | −0.27% |
| Merval | Argentina | −1.57% |
| COLCAP | Colombia | −0.95% |
| S&P IPSA | Chile | −0.39% |
Mexico’s gain stood out against a mostly weaker regional backdrop. Brazil’s Ibovespa — the main stock gauge for Latin America’s largest economy — fell 0.27% as oil major Petrobras slid 2.6%.
Argentina’s Merval fell 1.57%, its fifth straight daily loss. Chile’s S&P IPSA lost 0.39% and Colombia’s COLCAP 0.95%. The full live board embedded above carries the most recent closes for the region’s main indices.
06 The technical picture
The IPC’s close at 64,992 leaves it just below Friday’s session high of 65,036, which marks the immediate resistance. The index has reclaimed the 64,000 area, which it lost in mid-September.
More broadly, the 52-week range of 60,216 to 71,601 means the market sits slightly below the middle. That suggests neither extreme fear nor exuberance is driving prices right now.
07 What to watch
- Peso momentum: Whether USD/MXN can hold below 17.70 per US dollar or climbs toward 18.00; a weaker peso would pressure the IPC.
- Banxico rhetoric: Any signals from central bank officials about rate cuts or peso intervention will move Mexico’s yield-sensitive stocks.
- US dollar direction: The dollar index remains the key external driver; a resumption of dollar strength would challenge emerging-market equities.
- Cemex volume: If cement and construction names continue to see elevated turnover, it may signal a broader rotation into cyclical sectors.
Background: Mexico’s IPC Falls 0.78% as the Peso Slips Before Banxico.
Frequently Asked Questions
What is the S&P/BMV IPC?
It is Mexico’s benchmark stock index, tracking the 35 most actively traded and valuable companies listed on the Mexican stock exchange.
Why did the peso strengthen?
A softer US dollar on Friday made the peso more attractive. When the dollar falls against major currencies, emerging-market currencies like the peso often firm.
Which stocks moved the most?
Cemex gained 2.3% and airport operator GAP rose 2.1%. Restaurant operator Alsea jumped 4.1%, while tequila maker Cuervo fell 4.0%.
Is Mexico’s stock market cheap?
The index trades 9.2% below its 52-week high, which some investors interpret as offering value, though sentiment remains cautious.
Market data: RT live market data; 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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