Local stock indices fell sharply, leading declines across Latin American markets, pressured by a collapse in the mining company Peñoles.

The Mexican stock markets ended Tuesday’s trading with losses. Local stock indices fell sharply, leading declines across Latin American markets in the last session of a negative month.

The main S&P/BMV IPC index of the Mexican Stock Exchange (BMV), which measures the most traded local stocks, dropped 1.90% to 56,727.98 points. The FTSE BIVA index of the Institutional Stock Exchange (Biva) fell 1.78% to 1,161.04.

Within the benchmark index, most stocks ended lower. Shares of the mining company Industrias Peñoles led the downturn, plummeting 12.39% to 248.61 pesos, followed by Televisa, which fell 6.03% to 10.13 pesos.

Industrias Peñoles’ shares collapsed following the release of their first-quarter results for this year. The company reported a net loss of 39 million dollars for the period to the market yesterday.

April was a negative month for the local market, driven by episodes of aversion to risk assets and bets on high interest rates. The S&P/BMV IPC closed this month with a cumulative loss of 1.12 percent.

Meanwhile, the Mexican economy recorded a growth of 0.2% compared to the last quarter of the previous year, in real terms and adjusted for seasonality, according to the preliminary estimate by the National Institute of Statistics and Geography (INEGI).

This performance in the first quarter shows slight progress from the 0.1% registered in the previous quarter, which covered the period from October to December 2023.