Bloomberg Línea — Amid high inflation and interest rates that continue to rise in the United States, some Latin American public company stocks stood out on Wall Street during Q1, even amid strong movements due to the banking crisis and the collapse of Silicon Valley Bank and Credit Suisse’s buyout.
Despite these factors, US stock markets posted gains in both March and the first quarter of 2023. The Nasdaq Composite (CCMPDL) gained 16.8%, the S&P 500 was up 7.03%, but the Dow Jones Industrials just 0.38%.
Following these results, Bloomberg Línea takes a look at the ranking of the 10 Latin American companies with the highest market value listed on Wall Street at the end of the first quarter of 2023:
Brazil’s Vale S.A. (VALE), which produces and sells iron ore, pellets, manganese, alloys, gold, nickel, copper, kaolin, bauxite, alumina, aluminum and potash ranked as the most valuable Latin American company on Wall Street at the end of the first quarter, with a market capitalization of $71.62 billion on March 31, 2023, according to Bloomberg data.
In second place is Walmart Mexico (WALMEX), with a market value of $69.51 billion. The company Wal-Mart supermarkets, Sam’s Club wholesale outlets, Bodegas discount stores and Superama supermarkets.
The Top 3 of the most valuable companies in the region on the NYSE is closed out by América Móvil S.A. (AMX), reaching a market value of US$ 66,543 million. América Móvil provides telecommunications services. It offers wireless and fixed voice services, such as airtime, broadband and local, national and international long distance services.
In perspective, and after the close of the first quarter, Juan David Ballén, head of Economic Research at Casa de Bolsa, recently told Bloomberg Línea that his “expectations for global stock markets are not so positive, because the probability of a financial crisis in developed economies has increased”.
Also on the list of the 10 highest valued companies in the region that are listed on Wall Street are:
4. MercadoLibre (MELI): $66.24 billion.
5. Petrobras S.A. (PBR): $64.80 billion.
6. AmBeV S.A. (ABEV): $44.39 billion.
7. Itaú Unibanco Holding S.A. (ITUB): $44.21 billion.
8. Grupo México (GMBXF): $36.90 billion.
9. Weg S.A. (WEGZY): $33.83 billion.
10. Fomento económico Mexicano (FMX): $30.92 billion.
What do analysts say about these shares?
Against this backdrop and based on their market capitalization, Bloomberg Línea gathered the opinion of analysts who follow the behavior of these stocks on Wall Street and in the region, taking into account the recommendation of the analysts consulted by Bloomberg (buy, hold or sell the stock), without the information pretending to be a specific investment recommendation: