I just reviewed how the Mexican market is moving in these first months of 2026, and honestly, what's happening is quite interesting. The Mexican Stock Exchange is demonstrating a resilience that many did not expect, especially considering all the political and commercial noise in the region.

The first thing that stands out is that the companies on the Mexican stock exchange are concentrated in very few hands. We’re talking about only 145 listed companies, of which 140 are Mexican. But here’s the relevant part: five companies practically dominate the entire market. Walmart Mexico, América Móvil, Grupo México, FEMSA, and Fresnillo plc account for almost half of the total market capitalization. If you want to understand the Mexican market, you need to keep a close eye on these five.

Walmart Mexico continues to be a giant in retail. In the first quarter, it reported sales close to 246 billion pesos, although its net margin was mixed due to operational pressures. The analyst consensus remains bullish, with price targets around 65-66 MXN. América Móvil, on the other hand, showed much stronger numbers: revenues of 237 billion pesos with 2.1% growth and an impressive jump in net profit of 25.1%. This clearly reflects how companies on the stock exchange are navigating the current environment.

Grupo México has also had solid performance. Its latest available results show revenue growth of 11% and net profit that soared over 50%. FEMSA maintains its position as the world’s largest Coca-Cola bottler and continues to be a pillar of stability. Fresnillo plc, the precious metals miner, inherited an exceptional 2025 with revenues of $4,561 million, a 30.5% year-over-year increase.

The macroeconomic context is what makes all this interesting. The second Trump administration is complex, but Mexico has absorbed the initial tariff blows quite well. Nearshoring remains a steady flow of investment, domestic consumption holds up well, and the Mexican peso is moving within a surprisingly stable range of 17.30 to 17.80 MXN per dollar. That’s good news for Mexican corporations because it reduces pressure on their imports and dollar-denominated debt.

Inflation remains the point of tension. It hovers around 4.5-4.6% annually, above Banxico’s target of 3%, so the central bank has halted its rate-cut cycle. Still, the S&P/BMV IPC index has gained 22% over the past 12 months, clearly outperforming the S&P 500, which has only increased by 5%. That’s a fact that most investors with exposure concentrated in the United States are starting to notice.

The sectors leading the charge are clear: mining (especially copper), basic consumption, and telecommunications. These are precisely the sectors where the largest companies on the stock exchange are concentrated. The IPC index is in the range of 68,000-70,000 points in May, slightly below the February highs of 72,000, but it remains a solid year-over-year advance.

For those who have been focused on U.S. stocks for years, this opens a real conversation about diversification. It’s not necessarily about betting everything on Mexico, but about considering a balanced exposure that combines Mexican stocks in mining and consumer sectors, selectively in U.S. assets, and local bonds. It’s a way to leverage different performance dynamics and reduce geopolitical risks that are worsening.