BMV opens higher, but heads for weekly decline; GMexico shares lose more than 6%

The Mexican stock exchange (BMV) this Friday showed slight mixed movements in a market without direction that began to look at the release of data on Mexico’s economic growth, next week, and the Federal Reserve’s rate decision.

The session was marked by figures showing that underlying inflationary pressures remain elevated in the United States, suggesting that the central bank will continue its aggressive campaign to raise interest rates.

“During the day, the markets will continue to assimilate the economic information that was released this morning, they will also continue to pay attention to the corporate reporting season,” Grupo Financiero Ve por Más said in an analysis.

The stock index S&P/BMV IPC it advanced a slight 0.02% to 48,903.04 points, although previously it subtracted 0.84%, in the final stretch of the local season of corporate reports for the third quarter.

A fall of 6.34% stood out to 68.95 pesos of the titles of the mining giant Mexico Group after announcing the day before a decline in its quarterly earnings.

“Derived from persistent inflation and a drop in copper consumption, we anticipate that the company’s results will be affected in the short term,” Intercam Banco said. “However, we trust the company’s asset management to respond to demand and continue its growth in the long term.”

The BMV accumulated a weekly return of 3.8 percent.

In the debt market, the 10-year bond yield was unchanged from its previous close, at 9.72%, the same as the 20-year rate, which stood at 9.92 percent.