Mexican stocks hit new record high, shrugging off Trump trade worries

3/21/2017 Finacial Times

stock-marketMexican stocks demonstrated their resilience to Donald Trump’s anti-trade rhetoric on Tuesday, hitting a new all-time high as the peso’s rally in recent weeks also bolstered investors’ appetite for the country’s other asset classes.

The country’s benchmark IPC index rose as much as 1.3 per cent to 49,240.09 in morning trade, capping a stunning rally that has seen the bourse completely erase its post-US election losses and rise above the previous intraday record of 48,956.06 set last August.

The fiesta in Mexican equities is being fueled by a number of factors. The collapse of the peso – which, despite its recent rally, is still down more than 4 per cent from its pre-election levels – is providing a boost to exporters and magnifying the income of companies that report in pesos but earn the bulk of their revenue overseas.

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