Mexico's equity market finished the trading session lower on Tuesday, with losses concentrated in the Industrials, Consumer Goods & Services and Consumer Staples sectors.
The S&P/BMV IPC closed down 2.94%.
Among components of the S&P/BMV IPC, Becle SA (BMV:CUERVO) was the top performer, rising 1.01% or 0.17 points to finish at 17.06. Grupo Televisa SAB Unit (BMV:TLEVISACPO) also ended in positive territory, adding 0.21% or 0.02 points to close at 9.77. Grupo Elektra, S.A.B. De C.V. (BMV:ELEKTRA) was unchanged for the session, finishing at 373.10.
The largest declines were posted by several heavyweight names. Megacable Holdings, S.A.B. De C.V. (BMV:MEGACPO) led losses, falling 7.32% or 4.80 points to close at 60.81. Grupo Mexico, S.A.B. De C.V. (BMV:GMEXICOB) dropped 6.57% or 14.48 points to end at 205.75, while Industrias Penoles Sab De CV (BMV:PEOLES) declined 6.48% or 67.66 points to finish at 976.41.
Market breadth on the Mexico Stock Exchange favored losers: 140 stocks fell, 114 advanced and 8 ended the day unchanged.
Commodities trading showed divergent moves. Gold Futures for April delivery was down 3.92% or 208.11 to $5,103.49 a troy ounce. Crude oil for April delivery rose 4.77% or 3.40 to $74.63 a barrel, and the May Brent oil contract increased 5.12% or 3.98 to trade at $81.72 a barrel.
Currency pairs reflected weakness in the peso versus major currencies: USD/MXN was up 2.30% to 17.70, and EUR/MXN rose 1.67% to 20.55. The US Dollar Index Futures was up 0.69% at 99.02.
Summary
Mexico's benchmark index fell 2.94% on Tuesday with industrial and consumer sector declines driving much of the move. Only a small set of stocks finished higher, while market breadth favored declines. Commodities and FX moves accompanied the equity weakness.
Key market details
- Sectors leading the sell-off: Industrials; Consumer Goods & Services; Consumer Staples.
- Top performers on the S&P/BMV IPC: Becle SA (BMV:CUERVO) +1.01%; Grupo Televisa (BMV:TLEVISACPO) +0.21%; Grupo Elektra (BMV:ELEKTRA) unchanged.
- Largest decliners: Megacable (BMV:MEGACPO) -7.32%; Grupo Mexico (BMV:GMEXICOB) -6.57%; Industrias Penoles (BMV:PEOLES) -6.48%.
Market breadth and related moves
- Decliners outnumbered advancers 140 to 114 with 8 unchanged.
- Gold futures fell sharply for April delivery; oil prices rose for April and May contracts.
- Mexican peso weakened versus the U.S. dollar and euro; U.S. Dollar Index Futures gained.