Shares of companies in the consumer, retail, telecommunications and transportation sectors listed on the Mexican Stock Exchange (BMV) ended with a mixed performance, after the government unveiled the plan against inflation.
Grupo Bimbo titles registered the biggest fall, of 4.45 percent. Daniel Servitje, general director, reported last week that they were holding talks with the government that sought to maintain the price of 24 products in the basic basket and one of them is white bread.
“The concern is only for one of the products we have, not for the “fool” line of articles of our company,” said the manager.
In the opposite direction, the shares of América Móvil (AMX), owned by businessman Carlos Slim, advanced 1.38 percent. AMX also joined the “pact” and promised to maintain the rates for fixed and mobile telephony services in Mexico.
“In the case of Bimbo, two situations came together. On the one hand, the perspectives of how said agreement would affect the company’s profit margins, but also technical movements in the stock, since in previous days it had reached short-term maximums,” explained Jacobo Rodríguez, director of Financial Analysis at Black Wallstreet Capital Mexico.
“América Móvil’s share, he added, moved more due to market issues, due to a recovery after the Fed’s announcement that increased the reference rate by 50 basis points.” He said the plan to fight inflation has had very limited impact on broadcasters as it is unclear how successful it will be.
“The government presented a package against inflation and famine in which the participation of companies is voluntary and will last six months,” said Adrián Muñiz, from Vector Casa de Bolsa.