Mexican Stocks Close Higher as S&P/BMV IPC Gains 0.56%
Mexico's benchmark S&P/BMV IPC index closed Monday up 0.56% near 53,500 points, led by retail and telecom names, while a jump in oil prices weighed on energy and industrial stocks. The Mexican peso ended the session flat against the US dollar.
Walmex and Femsa shares each climbed more than 1%, while telecom giant América Móvil approached its yearly high. Stronger-than-expected retail traffic, sales and internet-usage data lifted investor optimism about domestic demand.
On the downside, oil prices buoyed by the Iran conflict pressured Pemex suppliers and industrial names that compete on the back of cheap fuel against foreign rivals. The industrial sub-index closed 0.3% lower.
The peso held flat against the dollar at 17.40, with some analysts saying the chances of a Banxico rate cut at its June meeting are now slimmer. Investors are turning to Tuesday's US inflation print and President Trump's coming visit to China.
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