July 1 Market Close: GovCon Index Holds Positive Despite PM Descent

GovConIndexUPExecutive Mosaic’s GovCon Index descended into narrow range during afternoon trade after a strong morning session Friday but held in positive ahead of a three-day holiday weekend.

The GovCon Index posted a gain of 0.178 points to 79.718 and ends the week up 3.216 percent in a sharp turnaround from Monday’s losses in the wake of the Brexit referendum in the U.K.

U.S. financial markets are closed Monday in observance of the country’s July 4 Independence Day holiday.

Friday also represented the second consecutive session of new 52-week highs in intraday trade for the same group of four stocks that hit that benchmark Thursday: Lockheed Martin (NYSE: LMT),  Northrop Grumman (NYSE: NOC), Huntington Ingalls Industries (NYSE: HII) and Vectrus (NYSE: VEC).

Shares in Northrop closed down 48 cents after the contractor reached the 52-week high in the 10 a.m. Eastern time hour, while the other three stocks listed above held onto their gains.

Harris Corp. (NYSE: HRS) and Rockwell Collins (NYSE: COL) fell 85 and 75 cents respectively.

The S&P 500 composite index that contains 11 GCI stocks held positive Friday to end its best week in the year so far after the morning release of manufacturing data that exceeded economists’ expectations.

According to CNBC, the ISM reading jumped 1.9 points from May to 53.2 for June versus the forecasted 51.4.

Top GovCon Index Net Gainers

Symbol Company $ Current Price Net Change ▴ % Change
GD General Dynamics * 141.34 2.10 1.51%
MCK McKesson Corp. * 188.10 1.45 0.78%
LMT Lockheed Martin * 249.35 1.18 0.48%
EGL Engility Holdings 22.09 0.97 4.59%
LDOS Leidos Holdings 48.69 0.82 1.71%

Top GovCon Index Percentage Gainers

Symbol Company $ Current Price Net Change % Change ▴
EGL Engility Holdings 22.09 0.97 4.59%
NAV Navistar International 12.12 0.43 3.68%
VEC Vectrus 29.20 0.71 2.49%
LDOS Leidos Holdings 48.69 0.82 1.71%
CAE CAE 12.29 0.20 1.65%

*Also listed in the S&P 500 composite index

Market Summary

Advancing GovCon Index Issues 16
Declining GovCon Index Issues 13
Unchanged GovCon Index Issues 1
Index Value Net Change % Change
GovCon Index 79.718 +0.178 +0.223%
S&P 500 2, 102.95 +4.09 +0.19%
Dow Jones Industrial Average 17, 949.37 +19.38 +0.11%
NASDAQ 4, 862.57 +19.90 +0.41%

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