Mexico City.- The S&P/BMV IPC index of the Mexican Stock Exchange accumulated a gain of 11.23 percent in the first quarter of the year, the largest since the same period of 2004. Only in March, the BMV gained 2.17 percent.
This index is made up of the 35 most liquid firms on the local market. The ones with the highest weighting are América Móvil (AMXL), Walmart de México (WALMEX) and Grupo Financiero Banorte (GFNORTE).
The shares that obtained the most returns in March were Peñoles (PE&OLES), Grupo Aeroportuario del Centro Norte (OMAB) and Coca Cola Femsa (KOFUBL) with gains of 21.42, 15.12 and 9.36 percent.
On the contrary, Regional (RA), Banco del Bajío (BBAJIOO) and Alfa (ALFAA) were the most affected with losses of 9.50, 6.31 and 4.36 percent respectively.
Throughout the month, equities navigated turbulence in the US banking sector after institutions such as Silicon Valley Bank, Signature Bank and Silvergate Bank closed their doors, in addition to the First Republic Bank experiencing financial problems.
The positive result for March and the last few sessions of gains indicate that investors are betting that the pressure from the banking crisis has stabilized and are turning their attention back to the next moves by the Federal Reserve.
In New York, the Dow Jones, Standard & Poor’s and Nasdaq closed with daily gains of 1.26, 1.44 and 1.74 percent. In the quarter, both the industrial and the selective obtained benefits of 0.38 and 7.03 percent, while the technological registered a rise of 16.77 percent.
