I have been reviewing what has been happening in the Mexican stock exchange lately, and honestly, there are interesting movements worth analyzing. The Mexican Stock Exchange remains the second largest in Latin America, but what catches my attention is how Mexican companies listed on the exchange are performing in 2026.

First, the context: we are talking about only 145 listed companies, of which 140 are Mexican. It’s a relatively small but concentrated market. The main index, the S&P/BMV IPC, groups the 35 largest companies, which represent 80% of the total market value. Something that surprised me is that this index has gained nearly 22% over the past 12 months, clearly outperforming the S&P 500, which has only accumulated 5%. That’s remarkable considering all the volatility with tariffs.

The five Mexican companies with the largest market capitalization listed on the exchange are the ones truly moving the market. Walmart Mexico leads with almost 923 billion pesos in market cap, closely followed by América Móvil with 1.35 trillion pesos. Grupo México is at the top with 1.53 trillion. Then there’s FEMSA with 21.19 billion dollars and Fresnillo with 23.14 billion pounds sterling.

Looking specifically at Walmart Mexico, in the first quarter it reported sales close to 246 billion pesos, confirming the projections. The analysts’ target price is around 65-66 MXN, so there is some consensus to buy. América Móvil showed a year-over-year revenue growth of 2.1% during the same quarter, but its net profit jumped a strong 25.1%, indicating they are optimizing their operations well.

Grupo México is interesting because it is the largest mining conglomerate in the country and third in copper production worldwide. Although it has a complex history with environmental disasters, its latest numbers for Q4 2025 showed revenue up 11% and net profit jumped over 50%. FEMSA remains the world’s largest Coca-Cola bottler and has a presence in 18 countries. Fresnillo is the world’s largest primary silver producer, ending 2025 with revenues of $4,561 million, a 30.5% year-over-year growth.

What is happening macroeconomically is complex. Inflation in Mexico hovers around 4.5-4.6% annually, above Banxico’s target of 3%, so the central bank is being cautious. However, the Mexican peso has performed well, trading in a range of 17.30 to 17.80 MXN per dollar. This has helped Mexican companies listed on the exchange because it reduces pressures on import costs and dollar-denominated debt.

Nearshoring remains a key factor. Despite the initial tariffs of 25-50% announced by Trump, the Mexican Stock Exchange has shown resilience thanks to investment flows into Mexico from the United States. The index currently moves between 68,000 and 70,000 points, far from the February highs of 72,000, but still with a 5-6% gain so far this year.

The sectors driving this are mining (especially copper), consumer staples, and telecommunications. If you are an investor who has been focused only on U.S. assets, 2026 presents a real opportunity to diversify. A balanced portfolio could combine exposure to Mexican-listed companies, especially in those three sectors, with some presence in U.S. assets and local bonds. This way, you take advantage of yield differences and reduce geopolitical risks that are intensifying.