Mexico’s major food producers and retailers were among the biggest gainers on the country’s benchmark IPC stock index on Monday after President Enrique Peña Nieto dropped a widely expected sales tax increase on food and medicines from his fiscal reform package.
Shares in Bimbo, the country’s leading baker, surged 7.4 per cent to 41.11 pesos while tortilla maker Gruma gained 2.8 per cent to 75.67 pesos. Wal-Mart de Mexico (Walmex), Mexico’s biggest retailer, jumped nearly 5 per cent to 33.89 pesos. Walmex rivals – Comercial Mexicana, Comercial Chedraui and Soriana – advanced 3.7 per cent, 5.5 per cent and 1.4 per cent respectively. Continue reading »