I have been observing for some time how the Mexican market is gaining relevance in 2026, and honestly, what's happening is interesting. If you haven't paid attention to the companies listed on the Mexican stock exchange, now might be a good time to do so.

Mexico has two stock exchanges, but the Mexican Stock Exchange (BMV) is clearly the bigger player. It is the second most important in Latin America. Although it may seem small compared to markets like the United States, it has its own weight. Currently, around 145 companies are listed on the BMV, most of them Mexican.

What stands out the most is that all the action is concentrated in a few companies. The top 5 companies listed on the Mexican stock exchange account for nearly 50% of the total market capitalization. We are talking about Walmart Mexico, América Móvil, Grupo México, FEMSA, and Fresnillo plc. These are the ones truly moving the index.

The S&P/BMV IPC is the market thermometer. It is composed of 35 large companies, but here’s the interesting part: these 35 companies account for about 80% of the total value. From the beginning of the year until late April, the index had gained 5-6%, although it declined from the highs of February when it hovered around 72,000 points. Now it moves between 68,000 and 70,000.

Compared to the U.S. S&P 500, which has only gained 5% in 12 months, the Mexican market has surprised with a +22% in the same period. That’s quite remarkable considering all the uncertainty around tariffs and trade policies.

The largest companies listed on the Mexican stock exchange have interesting stories. Walmart Mexico reported sales close to 246 billion pesos in Q1, although its net margins were mixed. América Móvil, controlled by Grupo Carso, showed revenue growth of 2.1% and a very strong net profit with +25.1% year-over-year. Grupo México, which operates in mining, transportation, and infrastructure, posted solid results with revenue growth exceeding 11% in Q4 2025.

FRESA and FEMSA are also among the big players. Fresnillo plc closed 2025 with total revenues of $4.56B (+30.5% YoY), mainly thanks to performance in precious metals. FEMSA, the world’s largest Coca-Cola bottler, maintains its leadership position in beverages and retail.

The macroeconomic context helps. The Mexican peso has remained relatively strong in a range of 17.30-17.80 per dollar during April-May, which reduces import cost pressures for these companies. Inflation hovers around 4.5-4.6%, above Banxico’s target, but nearshoring flows continue to be an important stability factor.

The sectors driving the most are mining, consumer staples, and telecommunications. It makes sense: América Móvil remains the most important telecom in the continent, Grupo México dominates local mining, and Walmart Mexico leads retail.

For those who have been focused on U.S. assets, 2026 is a good reminder that diversifying geographically can be worthwhile. A balanced portfolio combining exposure to these companies listed on the Mexican stock exchange, some presence in the U.S., and local bonds could be an interesting strategy in these volatile times.