I just reviewed how the Mexican stock market is moving in 2026, and honestly, what's happening is surprising. While everyone was focused on the U.S. markets, companies listed on the Mexican stock exchange have been accumulating profits that clearly surpass what you see in the S&P 500. The S&P/BMV IPC index has gained nearly 22% over the past 12 months. For context, the S&P 500 has barely risen around 5% in the same period.

What’s interesting is that this is happening in a quite complicated context: Trump in his second term, initial tariffs of 25% or 50% on Mexican products, inflation hovering around 4.5-4.6% annually. But the Mexican stock market has shown impressive resilience. Part of the reason lies in sustained nearshoring, strong domestic consumption, and, of course, the performance of the major companies listed on the stock exchange.

If we look at the five companies that truly drive the market, we’re talking about Walmart Mexico, América Móvil, Grupo México, FEMSA, and Fresnillo. Together, they account for nearly 50% of the total market capitalization. Walmart Mexico remains a retail giant with a market cap close to 923 billion pesos. Its sales in the first quarter of 2026 were 246 billion pesos, although net profit showed pressures from operational costs. Analysts maintain a buy recommendation with targets around 65-66 MXN.

América Móvil is another pillar. With presence in 23 countries and over 323 million users, it’s the largest telecommunications company on the continent. In Q1 2026, it recorded revenues of 237 billion pesos, a 2.1% year-over-year growth, but the most notable was that its net profit grew 25.1% year-over-year. The consensus among analysts remains a buy recommendation.

Grupo México is fascinating because it’s a conglomerate that touches three areas: mining, transportation, and infrastructure. Its mining division is the largest in Mexico and the third-largest copper producer worldwide. In Q4 2025, its revenues grew 11%, and net profit jumped over 50%. Although it has faced criticism for historic industrial disasters, it remains a key player.

FEMSA, founded in 1890, is the world’s largest Coca-Cola bottler. It operates in beverages, retail, restaurants, and pharmacies across 18 countries. It is listed both on the Mexican stock exchange and in New York. Its shares offer a dividend yield of 4.07%, one of the highest in the group.

Fresnillo is the world’s largest primary silver producer. Its 2025 figures were impressive: total revenues of $4,561 million, a 30.5% year-over-year increase, and EBITDA of $2,796 million, up 80.7%. Although it has not yet published full Q1 2026 results, the trend is positive.

The macroeconomic context makes this even more interesting. The Mexican peso trades within a narrow range of 17.30-17.80 MXN per dollar in April 2026, stronger than previous years thanks to nearshoring, remittances, and expectations for the 2026 World Cup. This ‘super peso’ has reduced import cost pressures for Mexican companies.

Banxico cut interest rates by 25 basis points in March but has paused further adjustments due to inflation risks. The stock market has gained about 5-6% so far this year, although it moves within a range of 68,000-70,000 points, far from the February highs around 72,000 points. The sectors leading the rally are mining, basic consumption, and telecommunications.

For those who have had all their focus on the United States for years, 2026 is presenting a real opportunity. Companies listed on the Mexican stock exchange are offering exposure to a resilient economy with specific strengths. A diversified strategy could mix Mexican stocks in mining and basic consumption, selective exposure to U.S. assets, and local bonds from both economies. This approach allows taking advantage of performance differences, benefiting from the super peso, and mitigating trade and geopolitical risks that are intensifying.