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For Mexico's Biggest Winners and Losers in 2015, Peso Was King

  • Mexican currency's 15% depreciation fuels stock performance
  • Airport operator GAP gains most, builder ICA falls most on IPC

It wasn’t just currency traders watching the Mexican peso in 2015 as it tumbled to a record. The biggest gains and losses on the stock market were also driven by the currency’s slide.

Grupo Aeroportuario del Pacifico SAB, the airport operator known as GAP that serves cities including Puerto Vallarta, led advances on the benchmark index with a 66 percent gain as U.S. travelers flocked to the Latin American nation to take advantage of a strong dollar. Meanwhile the peso’s worst year in eight pushed builder Empresas ICA SAB, which had debt in dollars and revenue primarily from domestic projects, to default on $1.35 billion in bonds as its shares tumbled 80 percent. The IPC index lost 0.3 percent in 2015.