MARKETS
The S&P / BMV IPC rebounded 4.6% over the past week, joining the broader relief rally by world equity indices stemmed by the pause on most but not all tariffs above 10% baseline. The Mexican Peso recovered 3.6% to close at 20.10/USD, while the yield of the 10-year M-Bono increased 4 bps to 9.48%.
The S&P / BMV IPC’s stock gainers for the week were: PEÑOLES * (+20.2%), AMX B (+9.4%), and GCARSO A1 (+8.8%). On the other hand, the main losers were: ALSEA * (-3.1%), ALFA A (-2.6%) and GCC * (-2.0%).
LISTED COMPANIES
Walmex’s shareholders approved the payment of a MXN$1.69/share cash dividend for a 3.0% yield, which includes an MXN$1.30/share ordinary dividend and a MXN$0.39/share extraordinary dividend. Payments will be split between November 19th and December 17th. The company also announced it repurchased 31.25 million shares in February and increased its buyback fund to MXN$8.8 billion.
GFNorte has entered into a definitive agreement for the acquisition of the 44.28% equity interest in Tarjetas del Futuro, S.A.P.I. de C.V. (“TDF”) that Rappi will hold upon consummation of a corporate restructure in TDF, for US$50 million. In addition to the acquisition, the companies will enter into an exclusive 15-year commercial agreement whereby GFNorte, Banorte, TDF and its affiliates will exclusively offer financial services and products such as RappiCard™ to Rappi’s customers from within the Rappi Ecosystem. The closing of this transaction is subject to customary conditions, including the receipt of the regulatory approval from the Mexican antitrust authorities.
Femsa’s shareholders approved the payment of a MXN$14.69 per unit dividend of which MXN$4.58 will be ordinary and MXN$10.11 extraordinary, for a 7.2% yield, to be paid in four installments starting April 25th, 2025.
Grupo Bimbo will propose the payment of a MXN$1.0/share cash dividend, for a 1.7% yield, at its April 30th shareholders’ meeting. The company will also propose the appointment of Roberto Mauricio Servitje Labarrere as Board Director, who will replace Jaime Chico Pardo, keeping the Board with 18 Directors. Mr. Servitje is the founder’s grandson and co-CEO of Grupo Altex.
Gentera signed a preparatory agreement letter to potentially acquire the remaining 25.1% of ConCrédito, aiming to reach full ownership. The MXN$2.5 billion deal is subject to ongoing negotiations between the parties and regulatory approvals. Gentera expects to conclude the transaction within the next 120 days. On the other hand, the company appointed former Banxico deputy governor Gerardo Esquivel, and Coca-Cola executive Ignacio Echeverría to its board, replacing John Santa María and Luis Nicolau, keeping the Board with 13 Directors.
Quálitas’ premiums written were up 30.9% in 2024, compared to 26.3% for the industry, according to the “2024 Auto Insurance Industry Report” of the Mexican Association of Insurance Institutions (AMIS). The company’s market share reached 34.1% in 2024, up from 32.8% in 2023. In terms of premiums earned, the company’s market share was 35.8% in 2024, up from 35.3% in 2023.
Banco del Bajío will propose the payment of a MXN$5.34 billion cash dividend (MXN$4.49/share) at the upcoming April 30th shareholders’ meeting, with a 50% payout and 9.8% yield. The payment will be distributed in two equal installments in May and September.
Fibra Inn reported favorable operating results in March with a higher-than-expected 12.7% YoY increase in revenues to MXN$228.4 million and 11.1% YoY in RevPar to MXN1,303, which was mainly attributed to a 9.1% YoY increase in the average daily rate to MXN$2,043, combined with a 1.2 PP improvement in average occupancy to 63.8%, thus reversing the declines that the latter indicator had experienced since May 2024. The Fibra will propose the creation of a MXN$1.0 billion buyback reserve at its April 25th Holders’ Meeting.
Cydsa launched a tender offer for US$25 million of its 6.25% Senior Notes due 2027, which will be open until May 12th. The total price will be US$985 per US$1,000 of face value, including a US$50 payment to holders who decide to sell their Notes before April 25th. This transaction is subject to obtaining the corresponding financing. This refinancing will help CYDSA to slightly reduce its leverage, interest payments, and FX exposure.
OTHER COMPANIES
Mercado Libre announced it will create 28,000 new jobs across Latin America in 2025, reaching a total of 112,000 employees by year-end. In Mexico, the company plans to add 10,100 positions, mainly in logistics, business, staff, and tech roles, supported by a USD3.4 billion investment. Regional investment will total USD13.2 billion, up 36% from 2024.
TRADE AND ECONOMICS
US President Donald Trump is considering some exemptions to tariffs on imported vehicles and auto parts. However, he will impose a 20.91% tariff on most Mexican tomato imports from July 14th. The decision follows the withdrawal from the “Tomato Suspension Agreement”, which the US deemed insufficient to protect its producers.
Industrial production rebounded 2.5% MoM (seasonally adjusted) in February after two months of contraction, mainly due to the increases of 2.9% in manufacturing and 2.8% in construction, INEGI reported. Industrial production declined 1.3% YoY (original data), primarily driven by a 9.2% contraction in mining, a 1.2% fall in electricity, water and gas supply, and a 0.3% decrease in manufacturing activities.
International visitors increased 11.4% YoY to 7.4 million in February, according to INEGI. Total spending rose 2.5% YoY to US$3.25 billion, with 92.3% coming from international tourists. However, average spending per visitor fell 8.0% YoY to US$440.82.
Foreign investors withdrew US$940.5 million from the Mexican equity markets in March, the highest level since August 2024, according to Banco de Mexico’s data. This was the eight month in a row with capital outflows. Total outflows reached US$1.87 billion in 1Q25, a record since 2009.
CETES auction: 29-day CETES +20 bps to 9.00%; 92-day CETES -4 bps to 8.66%; 183-day CETES -2 bps to 8.53% and 350-day CETES -11 bps to 8.57%.
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