Airport group shares crash due to tariff changes

Shares of Mexico’s main airport groups fell sharply this Thursday on the Mexican Stock Exchange (BMV) by 26% after the civil aviation authority decided the day before to change the basis of tariff regulation.

On Wednesday, it was reported that Mexico’s Federal Aviation Administration (AFAC) had changed the fee structure at its airports, causing a major drop in the Mexican market.

This Thursday, the Index of Prices and Quotations (IPC), the main indicator of the Mexican Stock Exchange (BMV), closed with a loss of 2.52% after the strong fall of the North Central Airport Group (OMA, -25.96%). , Pacific (GAP, -22.28%) and Southeast (ASUR, -16.7%).

“The losses occurred due to increased risk aversion following the announcement by the Federal Aviation Administration (AFAC) of changes to the fee structure associated with its airports,” Gabriela Siller, director of economic and financial analysis at Base Bank.

He said the changes “will impact the entire Mexican aviation system, which includes passenger fares, runway services and facility rentals to airlines and suppliers.”

The specialist explained that such intervention by the Mexican government “creates great risks for the country, which is consistent with the losses at these stations, in addition to the fact that it could lead to a decrease in demand for flights, reducing airline margins.” and barriers to tourism.”

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He recalled that the Mexican government has “increased its intervention in the aviation sector, which creates risks in the country, consistent with a higher exchange rate and volatility,” and noted that since no details about the changes were provided, “uncertainty is created.” “

During the session, shares of Grupo Aeroportuario del Centro Norte (OMA), which operates the airports of Monterrey, Ciudad Juarez and Acapulco, among others, fell 25.96% to 148.28 pesos ($8.12/€7.69 today) exchange rate). ).

And shares of Grupo Aeroportuario del Pacífico (GAP), which operates the airports of Guadalajara, Tijuana and Los Cabos, among others, fell 22.28% to 228.39 pesos ($12.5).

Meanwhile, Grupo Aeroportuario del Sureste (ASUR), which operates the airports of Cancun, Merida and Huatulco, among others, lost 16.7 to 362.25 pesos ($19.83).

Given the sharp drop, the BMV momentarily suspended listings for three airport groups throughout the day; The stock collapse caused IPC to close sharply lower that day. EFE

Source: Aristegui Noticias

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