BMV and Biva close with profits on the day with less risk aversion

The mexican stock market ended the negotiations this Tuesday June 21 with profits in line with wall street in United States. Stocks in the local market rose in a session with little relevant economic information, while investors keep their eyes on the next decision of monetary politics of the Bank of Mexico.

The Mexican stock exchange (BMV) gained 0.68%, equivalent to 323.66 points, so its main indicator, the S&P/BMV IPC closed at 48,104.38 units.

S&P/BMV IPC

On the day, 131 million shares were traded on the S&P/BMV IPCmade up of the titles of the 35 largest companies on the stock market.

The shares of the retailer Grupo Elektra led the advance with 3.76% more to 1,152.18 pesos, followed by those of Grupo Financiero Banorte that added 3.27% to 118.77 pesos.

Meanwhile, the FTSE BIVAof the Institutional Stock Exchange (Biva), closed the day with a gain of 0.57 at a level of 994.64 units.

Positive moves were seen in the markets following US President Joe Biden’s latest comments that a recession is not inevitable, Banorte noted.

In the debt market, the primary yields of the Treasury Certificates (Cetes) showed increases in all terms in the primary auction of government securities. The 28-day benchmark Cete rate was placed at 7.5%, its highest level since November 2019.

“The money market is discounting an increase of at least 50 bp for Banxico’s June 23 meeting (without ruling out a 75 bp hike),” Intercam Banco said in an analysis note.

(With information from Reuters.)

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