Mexican Stock Market 2025: Key Quotes and Trends in the Stock Exchange

The Mexican Stock Exchange: Driver of the Latin American Financial Market

Mexico’s most important stock exchange operates as the main trading center for stocks, derivatives, fixed income instruments, and exchange-traded funds in the country. As the second most relevant stock market in Latin America and the fifth in the American continent, this institution concentrates the activity of 145 listed companies, of which 140 are of Mexican origin, reflecting a smaller capital market compared to the size of the national economy.

Structure and Characteristics of the Main Stock Index

The S&P/BMV IPC is the thermometer of the Mexican market’s performance, grouping the 36 largest companies that represent approximately 80% of the total market value. This indicator, calculated in real-time and reviewed semiannually in March and September, provides investors with a clear reference of the behavior of the most liquid stocks.

Key Data of the Main Indicator:

• Weighting: Market capitalization
• Components: 35-36 selected companies
• Annualized return (1 year): 29%
• Annualized return (5 years): 15%
• Annualized return (10 years): 6.44%
• Capitalization range: 17,882 million to 1,279,282 million MXN
• Average capitalization: 221,939 million MXN
• Company with the highest weight: 12.4% of the index
• Weight of the top 10: 71.6% of the total value

The dominant sectors in the composition are: basic consumption (30.9%), materials (26.2%), and industrial (12.3%), providing a diversified structure that protects against extreme sector volatility.

The Most Important Corporations: Examples of Listings on the Stock Exchange

The Mexican market is characterized by its concentration in large corporations. The five companies with the highest market capitalization account for 44.2% of the total market value and 55.8% of the main index, demonstrating how market dynamics are defined by these pillar institutions.

Walmart de México (WALMEX)

Leader in the retail sector with presence in Mexico and Central America, Walmart de México manages a diverse portfolio that includes discount stores, hypermarkets, supermarkets, and club establishments. Since its founding in 1958 by Jerónimo Arango, it has consolidated its position as a reference in retail trade in the region.

• Market capitalization: 1.10 billion MXN
• Current price range: 61.43 USD - 63.97 USD
• Yearly range: 50.79 USD - 67.34 USD
• Average transaction volume: 25.45 million
• P/E multiple: 21.86
• Dividend yield: 3.83%

In the second quarter of 2025, consolidated sales reached 246,253.8 million pesos, compared to 227,415.1 million in the same period last year. However, net profit decreased to 11,226.9 million pesos from 12,510.1 million in the same quarter of the previous year. Barron’s analysts maintain a “overweight” position for this corporation, suggesting a buy above the market average.

América Móvil (AMX)

Multinational telecommunications company based in Mexico City, América Móvil operates in 23 countries across America and Europe, serving more than 323 million users. It is the largest telecom operator on the American continent and the seventh globally in terms of subscribers. Besides mobile services, it manages call center operations, advertising, and owns tower infrastructure. The Carso conglomerate, whose main shareholder is businessman Carlos Slim, maintains control of América Móvil.

• Market capitalization: 70.75 billion USD
• Quotation range: 32,800.00 MXN - 35,160.00 MXN
• Yearly range: 15,675.00 MXN - 40,000.00 MXN
• Average volume: 587 shares

During the third quarter of 2025, América Móvil reported revenues of 232,920 million Mexican pesos, representing a 4.2% year-over-year increase. Its net profit reached 22,700 million pesos. The analytical consensus on Investing.com suggests a “Buy” recommendation with an average price target of 21,323 MXN for the next twelve months.

Grupo México (GMEXICO)

Founded in 1978, this conglomerate operates through three strategic divisions: Minera México, Grupo México Transportes, and Grupo México Infrastructure. Its mining operation is considered the most important extractive company in the country and the third-largest copper producer worldwide. The transportation division manages the largest national railway fleet. Despite its economic relevance, Grupo México has faced controversies over significant industrial disasters, including the sulfuric acid spill in 2019 and the Pasta de Conchos collapse in 2006.

• Market capitalization: 1.27 billion MXN
• Price range: 158.68 USD - 162.51 USD
• Yearly range: 91.08 USD - 167.85 USD
• Average volume: 7.96 million
• P/E multiple: 17.71
• Dividend yield: 2.71%

In the third quarter of 2025, revenues grew 11% to 4.59 billion dollars, while net income increased by over 50%, reaching 1.29 billion dollars. The Investing.com consensus sets a price target of 149.42 MXN, implying a possible decline of 6.9%. Barron’s presents a target price of 8.33 USD for Class B shares with a “Under/Sell” rating.

Fomento Económico Mexicano - FEMSA

Founded in 1890 in Monterrey, FEMSA is a Mexican leader in beverages, retail, restaurant services, and pharmacy. As the world’s largest Coca-Cola bottler, it operates in 17 countries beyond Mexico, including Germany, Argentina, Brazil, Chile, Colombia, Costa Rica, and others. Its shares are listed on both the Mexican stock exchange and New York, integrating major stock indices.

• Market capitalization: 583.28 billion MXN
• Price range: 174.48 USD - 180.00 USD
• Yearly range: 156.00 USD - 212.11 USD
• Average volume: 2.46 million
• P/E multiple: 38.85
• Dividend yield: 7.4%

In the third quarter of 2025, consolidated revenues increased 9.1% to 214,638 million pesos, but net profit decreased 36.8% to 5,838 million pesos due to exchange losses and higher financial expenses. Specialized portals recommend “Buy” for FEMSA starting November 11, 2025.

Grupo Financiero Banorte

Financial institution founded in 1992 based in San Pedro Garza García, Banorte is the second of the four most relevant banks in Mexico and Latin America. It operates under the brands Banorte and Ixe, providing services such as savings deposits, credit cards, mortgage and commercial loans. With 22 million clients, over 1,000 branches, and 7,000 ATMs nationwide, it is also the oldest pension fund administrator (Afores).

• Market capitalization: 534.70 billion MXN
• Price range: 178.03 USD - 186.44 USD
• Yearly range: 131.60 USD - 187.29 USD
• Average volume: 6.53 million
• P/E multiple: 9.02
• Dividend yield: 7.30%

In the third quarter of 2025, Banorte reported a net result of 13,008 million pesos, a 9% year-over-year decline. Despite this, Barron’s maintains an “Overweight” recommendation for the group according to the consensus of experts.

Macroeconomic Outlook: Operating Context in 2025

The Mexican economic environment in 2025 unfolds under conditions of international uncertainty due to changes in U.S. trade policy following Donald Trump’s return to the presidency. Although episodes of volatility have occurred, the impact on Mexico has remained moderate, supported by strong domestic consumption and investment flows linked to nearshoring.

Inflation continues its downward trajectory, approaching 3.5% annually, allowing the Bank of Mexico to begin gradual interest rate cuts, though it remains cautious as core inflation stays above its target range. This dynamic has created more stable financial conditions than in previous periods.

The exchange rate has shown resilience throughout the year, remaining within a moderate range without abrupt depreciations even during moments of trade tension. For Mexican corporations, this behavior has reduced operational cost pressures.

On the country’s stock exchange, the S&P/BMV IPC has advanced approximately 21% year-to-date, driven by favorable performance in sectors such as basic consumption, telecommunications, and mining. The index remains near 63,000-64,000 points, reflecting stability among large corporations and attracting foreign capital to Mexico as an investment destination.

Investment Opportunities and Strategic Considerations

For investors who have traditionally concentrated their portfolios in U.S. assets, 2025 presents a significant window to reevaluate allocation strategies. The year’s surprise comes from the Mexican market: the S&P/BMV IPC has gained 21.7% over the past twelve months, clearly outperforming major North American indices that remain flat or in negative territory.

This performance is remarkable considering a challenging environment characterized by 25% tariffs on Mexican products and trade tensions initially forecasted to make the year difficult. The resilience of the Mexican stock market has been supported by factors such as industrial relocation to the region, strong domestic consumption, and the outstanding performance of leading corporations like América Móvil, FEMSA, and Grupo México.

A balanced portfolio strategy can combine selective exposure to Mexican stocks, moderate participation in selected U.S. securities, and fixed-income titles from both economies. This composition allows capturing yield differentials while reducing trade, currency, and geopolitical risks, offering investors a more robust position amid significant transformations.

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