Reconfiguration of portfolios on the BMV: The historic exit of Televisa and the rise of Alpek
The S&P/BMV IPC, the main benchmark of the Mexican stock market, will undergo a historic change before the opening on Monday, September 21, 2026. Grupo Televisa, one of the largest telecommunications companies in the country, will exit the index after more than 35 years of presence, ceding its position to the petrochemical company Alpek.
The surprising exit of a telecommunications giant
The exclusion of the broadcaster is part of the semiannual adjustment made by S&P Dow Jones Indices in March and September. The move was surprising for the market, given that analysts' consensus pointed to the exit of issuers like El Puerto de Liverpool or Volaris.
This change in weighting occurs at a challenging moment for Televisa, whose shares have accumulated a decline of 15.1% so far in 2026. To counter this trend and prepare for a potential merger or acquisition in the telecommunications segment—with unconfirmed reports from the company pointing to AT&T Mexico— the company has implemented strict financial measures. Among them, the reduction of its leverage and a capital increase finalized in June, in which its most significant shareholders participated, including Emilio Azcárraga Jean and David Martínez.
The strategic return of Alpek driven by the global market
The vacant seat in the IPC will be filled by Alpek, an entry that analysts had already anticipated due to the high liquidity of its shares and its market capitalization adjusted for float. With this incorporation, the northern petrochemical company seals its return to the flagship index after just over six years of absence.
The company's management paved the way for this milestone since late last year through the merger with Controladora Alpek (a company that emerged from the spin-off of the Alfa conglomerate), ensuring that 100% of its shares are in free float (free float). In this regard, the finance director, José Carlos Pons, had anticipated that this factor would significantly increase investor interest.
Unlike Televisa's performance, Alpek has capitalized on an extraordinary operating cycle:
- Stock performance: Its shares have recorded a cumulative gain of 40.3% in 2026, contrasting with the 28.9% decline reported the previous year.
- Geopolitical catalysts: The main driver behind its growth has been the conflict in the Middle East, which has skyrocketed oil prices, raised shipping rates, and greatly expanded the margins of key petrochemical products like PET.
From the perspective of next+, Televisa's exit from the main sample of the BMV is the financial reflection of the transition that the Mexican market is experiencing, where the old giants of traditional communication are losing specific weight against industries of basic inputs and export. Alpek is not only returning to the IPC by a stroke of luck; it is the result of an impeccable corporate restructuring to free up 100% of its float and a global situation that has inflated petrochemical margins. For institutional fund managers, the rebalancing on September 21 will force a massive redistribution of flows, which could temporarily accentuate the volatility of Televisa's shares and consolidate Alpek's bullish rally as year-end approaches.