June 16 Market Close: GovCon Index Pares Losses in PM Trade, Markets Hedge on UK EU Exit Vote

The GovCon Index staged a recovery in afternoon trade after a limp open Thursday but closed at a loss of 0.059 points to 78.791 as Britain’s referendum on whether to exit the European Union continued to dominate global financial market activity.

All campaign activities surrounding the “Brexit” vote set for Thursday were suspended after Member of Parliament Jo Cox, who favors staying in the EU, was murdered Thursday morning during meeting with residents in her district.

Bloomberg reports the pound strengthened for a second straight day as bookmaker odds have decreased that Britain will leave the EU.

Shares in British defense contractor and GCI stock BAE Systems PLC, which trade over-the-counter in the U.S., rose 1.34 percent Thursday as investors adjusted their positions on whether the U.K. public will vote to proceed with the Brexit.

BAE’s stock in the U.S. has 2.67 percent within the past month and are down 4.65 percent since its June 7 close.

U.S. stocks reversed declines in afternoon trade to snap a five-day losing streak, while Thursday was the GCI’s third straight day in narrow range at the close.

Top GovCon Index Net Gainers

Top GovCon Index Percentage Gainers

*Also listed in the S&P 500 composite index

Market Summary