Executive Mosaic’s GovCon IndexÂ received a modest boost Tuesday from attempts by U.S. and globalÂ equityÂ markets to shake off a two-day rout spurred by Britain’s vote to leave the European UnionÂ withÂ help from strong activity inÂ McKesson Corp. (NYSE: MCK) and Honeywell (NYSE: HON).
The GovCon Index gained 0.725 points to 76.502 as the S&P 500 composite index rose 1.78Â percent with financial and technology shares as the top performing sectors in U.S. markets.
McKesson led all GCI net gainers after the pharmaceutical services company said it would look to sell or spin off its enterprise information solutions segmentÂ and hasÂ agreed to merge its technology solutions business with ChangeÂ HealthcareÂ in a deal that createsÂ a new $3.4 billion healthcare information technology company.
McKesson will own 70 percent of the new entityÂ and Change Healthcare will hold the remaining 30-percent stake.
BAE Systems PLC‘s shares in U.S. over-the-counter markets climbed 5.18Â percent after a two-day post-Brexit plunge of 17.06Â percent, while the British defense contractor’s London-listed stock roseÂ 3.09Â percent and had declined 6.96Â percent over the prior two sessions there.
HoneywellÂ ended Tuesday as the GCI’s second-highest net gainer withÂ defense contractorsÂ Northrop Grumman (NYSE: NOC), Harris Corp. (NYSE: HRS) and Huntington Ingalls Industries (NYSE: HII) in the top five.
Raytheon (NYSE: RTN) fell 1.34Â percent and has declined 2.09Â percent over two days after the missile maker ended Friday as the GCI’s lone gainer in the midst of post-Brexit headwinds in financial markets the day after the U.K. referendum.
Non-GovCon Index stock Aerojet Rocketdyne (NYSE: AJRD) gained 1.84 percent after the propulsion and rocket company announced it would consolidate from six business units into two with one focused on defense and another in space.
Top GovCon Index Net Gainers
|Symbol||Company||$ Current Price||Net ChangeÂ â´||% Change|
|HII||Huntington Ingalls Industries||160.85||1.75||Â 1.10%|
Top GovCon Index Percentage Gainers
|Symbol||Company||$ Current Price||Net Change||% ChangeÂ â´|
|HRS||Harris Corp.||Â 80.30||1.81||2.31%|
*Also listed in the S&P 500 composite index
|Advancing GovCon Index Issues||25|
|Declining GovCon Index Issues||5|
|Unchanged GovCon Index Issues||0|
|Index||Value||Net Change||% Change|
|S&P 500||2, 036.09||+35.55||+1.78%|
|Dow Jones Industrial Average||17, 409.72||+269.48||+1.57%|