April 12 Market Close: GovCon Index Lifts on HII Upgrade, US Markets Up on Energy Gains

The GovCon Index staged a full reversal from an early morning dip into negative territory Tuesday to close at a gain of 0.482 points to 74.487 as energy shares helped spur U.S. markets into positive.

Huntington Ingalls Industries (NYSE: HII) was the GCI’s top nominal gainer at $2.22 — or 1.6 percent — to $141.31 after Goldman Sachs raised the Newport News, Va.-based military shipbuilder’s target price $139.00 to $148.00.

Shares in Huntington Ingalls hit a 52-week high of $142.15 in mid-morning trade, are up 11.41 percent from the start of the year and down 0.48 percent over 12 months.

CGI Group (NYSE: GIB) was the Index’s fourth-largest percentage gainer at 1.74 percent and fell four cents short of a new 52-week high.

Leading GCI lagger Booz Allen Hamilton (NYSE: BAH) fell 3.62 percent to $28.23 after the consulting contractor’s stock was downgraded by Raymond James from “outperform” to “market perform” after 11 months in the former category, a time that saw shares in Booz Allen rise 15 percent prior to Tuesday trade.

Booz Allen was the Index’s fourth-most actively traded stock Tuesday, while that company’s shares are down 8.27 percent year-to-date and 0.81 percent over 12 months.

Gains by energy shares on a 4.48-percent spike in U.S. crude oil futures helped spur the S&P 500 composite index to a gain of almost a full percent while financial stocks also contributed to positive movement in U.S. markets.

Top GovCon Index Gainers

* Also listed in the S&P 500 composite index

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