Russia-Ukraine Conflict Impact Shares of Peñoles, Grupo México

On Nov. 19, Industrias Peñoles and Grupo México outperformed on the Mexican Stock Exchange, driven primarily by the escalation of the Ukraine-Russia conflict. Shares of Peñoles climbed 3.93%, while Grupo México’s stock gained 3.7%. In contrast, the benchmark S&P/BMV IPC index recorded a more modest rise of 0.39%.

The rise in these mining companies’ stock prices coincided with upward movements in commodity markets, as copper prices climbed 0.78%, gold rose 0.68%, and silver gained 0.19%, due to the escalating tensions between Russia and Ukraine. By the end of the session, Peñoles shares decreased by 0.03%, while Grupo México maintained its upward momentum, closing with a 2.2% gain. On Nov. 21, shares of Peñoles declined by 1.84% (-5.61), while Grupo México saw a decrease of 0.83% (-0.87).

Escalating Tensions in the Russia-Ukraine Conflict

The conflict between Russia and Ukraine continues to escalate as incoming US President Donald Trump has vowed to swiftly end the war, though he has yet to outline a specific plan. Recent developments include the launch of an Oreshnik missile, capable of carrying a nuclear warhead, which struck a factory in Dnipro, Ukraine. While Ukrainian officials described the missile as intercontinental, Russian President Vladimir Putin and a US official classified it as a medium-range ballistic missile. Ukrainian Military Expert Mykhailo Samus explained that any launch of an intercontinental missile would have required Russia to notify the United States to prevent misinterpreting the event as a nuclear attack on NATO.

Western assessments suggest that Russia has faced substantial losses, with up to 90% of its initial combat personnel impacted. Estimated casualties include 115,000 Russian soldiers killed and 500,000 wounded. On the Ukrainian side, US officials reported in August approximately 70,000 fatalities and up to 120,000 injured.