This has been accompanied by inflationary pressures that do not subside at the pace that the central banks would like, the tightening of monetary policy and the accelerated increase in interest rates in the United States and Mexico.
High interest rates make investment less attractive and, in particular, for investment in the Stock Market, it is what causes some shares, particularly those of the S&P/BMV IPC, to bring negative returns in said period, added Álvarez.
Despite this, 18 issuers have resisted the fall of the S&P/BMV IPC, highlighting some that have achieved returns of more than 10%, among them: Bimbo (39.8%), Vesta (37.4%), Kimberly Clark (30.1%) and BanBajío (27.2%), according to Bloomberg data.
Vesta stands out, an industrial parks company, which, like Fibras Industriales, has registered positive financial results and has a favorable outlook for the coming years due to the good moment that the industrial real estate market is experiencing, driven by nearshoring.
Banco del Bajío has benefited from high interest rates through relatively cheap funding, keeping the profitability of this bank higher than that of its peers, to lead the returns in this period.
In addition to the airport groups, whose passenger traffic and operational efficiencies recovered rapidly after the covid and has allowed them to generate returns, they are again at historical levels, given the strength of the sector, Álvarez explained.
The analyst also pointed out that, in general, the shares of broadcasters related to basic consumption have tended to be resilient in negative economic times, reporting positive results and maintaining high profitability levels despite having inflationary pressures in some of their main costs or expenses. operational.
On the contrary, the companies that fell along with the S&P/BMV IPC have been the most sensitive, with high correlation or high dependence on the economic cycle. These companies have fallen and fared poorly in line with the economic slowdown unlike more defensive or resilient broadcasters.
