Mexican Stocks Post Their Best Day Since June
The IPC rose 2.14% on Friday, its biggest gain since June, as diesel tax relief hit a 2026 high and the government ran half a trillion pesos behind budget. The post Mexican Stocks Post Their Best Day Since June appeared first on The Rio Times .
Mexican stocks saw their best day in over ten weeks, closing at 65,729.18, marking a 2.14% increase. This surge came after the largest diesel tax break of the year and the realization that the government spent 500 billion pesos less than planned. The FTSE BIVA, a rival benchmark, also rose 2.17%. Leading the gain were Mexico's major companies, with Grupo Mexico up 4.17%, GCC up 5.05%, Pinfra up 3.16%, and Cemex up 2.40%.
Other consumer stocks, however, generally declined. The retail sales data supported this trend, showing a 0.2% decrease in June. Despite common speculation, there is no forecast of 16.50 pesos to the dollar; the consensus estimate is 17.68, with some expecting up to 17.00 and others as low as 19.03. The finance ministry's weekly diesel stimulus was set at 82.59% for the week of August 22-28, which amounted to 6.0813 pesos a liter.
This high relief was the highest in 2026, as the fuel excise is a fixed peso amount per liter rather than a percentage. The reason for this waiver is due to crude oil prices rising significantly, which prevented the tax from automatically increasing. Consequently, the government waived part of the duty, resulting in weaker tax collection.
The second-quarter report of the finance ministry showed that the government spent 4.856 trillion pesos in the first half, 499 billion pesos less than the programmed budget. The energy sector saw the largest cut, with Ramo 21, the budget line for federal transfers to Pemex, losing 61.7% of its approved first-half budget. Pemex's own spending contraction was a 16.1% real reduction, primarily in physical investment, pensions, and plant maintenance.
Pemex's profit fell 69.7% year-over-year, and fuel theft cost the company 9.18 billion pesos in operating losses. FONDO, a public trust managed by the Bank of Mexico, placed 4,500 million pesos in long-term certificates on the Mexican exchange. This was FONDO's first long-term issue. Separately, a claim speculated that the state tourism fund, Fonatur, would build its first new resort in twenty years in Nayarit for 1,734 million pesos. However, no such project has been announced, and the agency has published no such strategy.
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