Overview of Mexican Stock Market Performance in 2025
The Mexican stock market has experienced a remarkable surge, with the main indices gaining over 46% in USD by the end of 2025. This growth is primarily driven by the weakening US dollar.
Key Indices and Their Performance
- S&P/BMV IPC: The primary index of the Mexican Stock Exchange (BMV) has seen a 46.88% increase in USD, while in Mexican pesos, the return stands at 32.56%.
- FTSE BIVA: The index of the Bolsa Institucional de Valores (Biva) has reported a 43.46% rise in USD, compared to 29.14% in pesos.
Impact of Currency Appreciation
The Mexican peso’s 14.32% appreciation against the USD over this period, with the interbank dollar rate falling from 20.8869 pesos at the end of 2024 to 17.8930 units on December 26, has significantly contributed to the differing returns.
Expert Opinions
- Julián Fernández, independent analyst: The varying returns in USD versus pesos are mainly due to the exchange rate behavior and its effect on investment value.
- Antonio Hernández, Actinver Casa de Bolsa consumption sector analyst: The Mexican stock market has performed exceptionally well in USD terms, enhancing its appeal to global investors.
Top Performing Companies
Among the top performers in USD terms are Peñoles, Gentera, Cemex, Grupo México, and Megacable.
- Industrias Peñoles: The leading global minerals and metals group, with a 327.1% gain in USD compared to 267.9% in pesos.
- Gentera: A specialist in microfinance, with Compartamos Banco as its main asset, gaining 125.2% in USD and 93.95% in pesos.
- Cementos Mexicanos (Cemex): Achieving a 112.9% return in USD and 83.39% in pesos.
- Grupo México: The world’s fourth-largest copper producer, with a 103.4% increase in USD and 75.16% in pesos.
Genomma Lab, a pharmaceutical and personal care products manufacturer, is the only company experiencing losses, with a 16.5% decrease in USD and a 29.38% decline in pesos.
SIC Performance
In the BMV’s International Quotation System (SIC), the opposite effect is observed. The returns are lower due to the peso’s appreciation against the USD. These assets, listed in pesos for easier access, replicate values originally traded in USD, such as New York stocks or global ETFs.
