Mixed Bag For Equities

Although we maintain our neutral stance towards Mexico's benchmark IPC equity index, which has fallen by almost 15% since the beginning of 2011, it is not all bad news for Mexican equities, with one of favoured companies on the bourse, internationally diversified Coca-Cola bottler FEMSA performing strongly. The third largest company on the IPC is up 28.6% in the year to date, supporting our view (outlined in early September, see our online service, September 9, 'Equities: Little To Like') that the company's growth outlook is a positive one.

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