MARKETS
The IPC index of Mexico’s top 35 stocks closed on March 23 at 52,827.93, up 0.61% from its March 9 close at52,505.70. The +9.00% year-to-date increase in the IPC continues to compare favorably to S&P500’s +2.84% increase.
The MXN/USD exchange rate closed at 18.58 pesos to the dollar on March 23, from 18.72 pesos on March 16.
The Mexican 10-year bond (2031) closed on Thursday with the yield at 8.92% from 9.12% on March 16.
The IPC Top Stock Gainers for the week were: PENOLES (+8.12%), BANCO DEL BAJIO (+6.96%) and SITES (+5.30%) and the Biggest Losers were: GENOMMA LAB (-5.21%), GRUMA (-4.25%) and MEGACABLE (-4.08%).
CORPORATE & MARKET NEWS
CEMEX filed two lawsuits against Vulcan Materials, a US-based company that operates in Mexico through itssubsidiary Calica, alleging the company had obstructed access to its assets at the marine terminal Punta Venado in
Playa del Carmen. As an interim measure, Cemex was granted access to these port facilities with the support of Mexican authorities. Through a press release, Vulcan maintained that there was no contract allowing Cemex to useits facilities and that while Cemex had previously had a contract to rent a portion of Vulcan’s properties, that contract had expired on December 31, 2022.
Keep reading with a 7-day free trial
Subscribe to Miranda Intelligence Newsletters to keep reading this post and get 7 days of free access to the full post archives.