Recently, I started reviewing how the Mexican stock market is doing in 2026, and honestly, something quite interesting is happening. While everyone is focused on what Trump is doing with tariffs, the Mexican financial market is showing a resilience that frankly few expected.

The Mexican Stock Exchange has around 145 listed companies, and although that number doesn't seem huge, the companies on the stock exchange are really serious players. The main index, the S&P/BMV IPC, groups the 35 largest and accounts for almost 80% of the total market value. The interesting part is that just 5 companies represent nearly half of the entire market capitalization.

Let's talk about those 5 giants. First is Walmart Mexico, the retail giant that has been operating since 1958. In the first quarter of 2026, it reported consolidated sales close to 246 billion pesos. The market views it positively, with analysts maintaining a buy recommendation with a target price around 65-66 MXN. Then comes América Móvil, the telecommunications multinational controlled by Grupo Carso. In Q1 2026, it grew 2.1% in revenue to 237 billion pesos, but the most notable was net profit, which jumped 25.1% year-over-year. It is the largest telecom company in the American continent.

Grupo México is another pillar. It operates in mining, transportation, and infrastructure, and although it has had its controversies, the numbers speak for themselves: in Q4 2025, revenues grew 11% and net profit over 50%. FEMSA is the largest Coca-Cola bottler in the world and operates in beverages, retail, and pharmacies in 18 countries. Lastly, Fresnillo, the silver and gold producer, inherited a very solid 2025 with revenues of 4,561 million dollars.

What surprises me is the context in which this is happening. The Mexican peso remains relatively strong at 17.30-17.80 MXN per dollar thanks to nearshoring, remittances, and other factors. Inflation is around 4.5-4.6% annually, above Banxico's target, so the central bank has been cautious with rate adjustments. Despite all this, the companies listed on the stock exchange have shown adaptability.

The BMV index has gained around 5-6% so far in 2026, although it currently moves between 68,000 and 70,000 points, below the February highs of 72,000. But if you look at the last 12 months, the S&P/BMV IPC is close to a 22% gain, clearly outperforming the S&P 500, which is just around 5%.

The sectors driving this are mining, consumer staples, and telecommunications. For someone who has had everything in U.S. markets, 2026 is really presenting an opportunity to rethink investment strategies. A diversified portfolio could combine exposure to Mexican stock market companies—especially in those three sectors—with some U.S. assets and local bonds. It’s a way to take advantage of yield differentials, benefit from the strong peso, and hedge against the increasing trade and geopolitical risks.

The resilience Mexico is showing in this complex scenario is definitely worth monitoring.