August 29 Market Close: GovCon Index Ends 5-Day Losing Streak on Prime Gains, Financial Shares Lift Stocks on Fed Rate Chatter

GovConIndexUPExecutive Mosaic’s GovCon Index snapped a five-day losing streak Monday on advances by mid- and large-tier defense contractors as gains by financial shares led Wall Street to end its three-day stretch of declines.

GovCon Index gainers outnumbered laggers by a roughly 3-to-1 ratio and nine of the GCI’s 11 S&P 500-listed companies closed in positive with Harris Corp. (NYSE: HRS) the lead net performer for stocks listed in both indices.

Harris led GovCon Index advancers and hit a 52-week high during intraday trade after the military radio maker announced a 53-cent quarterly cash dividend for shareholders to represent an approximate 6-percent increase from the prior year period.

Orbital ATK (NYSE: OA) contributed to the GCI’s positive movement alongside other primes General Dynamics (NYSE: GD), Northrop Grumman (NYSE: NOC) and Huntington Ingalls Industries (NYSE: HII).

Science Applications International Corp. (NYSE: SAIC) also reached a one-year high during the Monday session but the McLean, Virginia-based government services contractor slid to a 3-cent decline at the close.

Other services-oriented stocks Booz Allen Hamilton (NYSE: BAH), CGI Group (NYSE: GIB), ManTech International (Nasdaq: MANT), Vectrus (NYSE: VEC) and CSRA (NYSE: CSRA) were among the GovCon Index’s most notable decliners.

All 10 S&P 500 sectors closed higher with the financial index as the top performer at a 1-percent gain as investors continued to weigh Federal Reserve Chair Janet Yellen’s Friday comments that the central bank views the case for an interest rate hike as stronger with its goals of maximum employment and price stability as closer to being met, Reuters reported.

Market Summary

Index Value Net Change % Change
GovCon Index 81.604 +0.399 +0.491%
S&P 500 2, 180.38 +11.34 +0.52%
Dow Jones Industrial Average 18, 502.99 +107.59 +0.58%
NASDAQ 5, 232.33 +13.41 +0.26%
Advancing GovCon Index Issues 22
Declining GovCon Index Issues 8
Unchanged GovCon Index Issues 0

Top GovCon Index Net Performers

Symbol Company $ Current Price Net Change ▴ % Change
HRS Harris Corp. * 92.62 +1.78 +1.96%
OA Orbital ATK 76.04 +1.58 +2.12%
GD General Dynamics * 152.82 +1.24 +0.82%
NOC Northrop Grumman * 213.10 +1.17 +0.55%
HII Huntington Ingalls Industries 166.99 +1.13 +0.68%

Top GovCon Index Percentage Performers

Symbol Company $ Current Price Net Change % Change ▴
I Intelsat 3.12 +0.27 +9.47%
NAV Navistar International 14.63 +0.53 +3.76%
OA Orbital ATK 76.04 +1.58 +2.12%
HRS Harris Corp. * 92.62 +1.78 +1.96%
CUB Cubic Corp. 47.36 +0.65 +1.38%

Lowest GovCon Index Net Performers

Symbol Company $ Current Price Net Change ▾ % Change
MANT ManTech International 40.99 -0.50 -1.21%
GIB CGI Group 48.60 -0.44 -0.90%
VEC Vectrus 32.89 -0.29 -0.87%
CSRA CSRA * 25.45 -0.22 -0.86%
BAH Booz Allen Hamilton 30.49 -0.16 -0.52%

Lowest GovCon Index Percentage Performers

Symbol Company $ Current Price Net Change % Change ▾
MANT ManTech International 40.99 -0.50 -1.21%
GIB CGI Group 48.60 -0.44 -0.90%
VEC Vectrus 32.89 -0.29 -0.87%
CSRA CSRA * 25.45 -0.22 -0.86%
BAH Booz Allen Hamilton 30.49 -0.16 -0.52%

* Also listed in the S&P 500 composite index

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