September 23 Market Close: GovCon Index Rally Halted, Posts Weekly Gain as Energy Weighs on US Stocks

GovConIndexDOWNExecutive Mosaic’s GovCon Index dropped Friday but registered a weekly gain as U.S. stocks took a break from their two-day surge after the Federal Reserve left interest rates unchanged Wednesday.

The post-Fed decision rally helped the GCI add 2.57 percent over five days with its S&P 500-listed companies and other large defense platform makers among the drivers of gains as the latter U.S. stock bellwether climbed 1.19 percent for the week.

GovCon Index decliners outnumbered gainers 4-to-1 Friday and three of its 11 S&P 500 companies advanced Friday with Northrop Grumman (NYSE: NOC) the top net performer in both the GCI and for co-listed stocks.

On a weekly basis, GCI advancers held a 9-to-1 ratio over decliners with Navistar International (NYSE: NAV) the largest percentage gainer and the armored vehicle maker was followed by government services contractors Engility Corp. (NYSE: EGL), Science Applications International Corp. (NYSE: SAIC), CACI International (NYSE: CACI) and ManTech International (Nasdaq: MANT).

McKesson Corp. (NYSE: MCK) was the only GovCon Index-S&P 500 company to show a weekly decline and ended as the GCI’s third-largest net decliner Friday after General Dynamics (NYSE: GD) and CACI International (NYSE: CACI).

General Dynamics retreated a day after the stock posted an all-time record close on news a $1.15 billion foreign military sale of Abrams tanks to Saudi Arabia would proceed after the Senate voted to not block the transaction.

Nine of 11 S&P sectors declined Friday with energy the biggest drag on the S&P 500 by 1.4 percent as crude oil prices plunged on reports that Saudi Arabia does not anticipate any supply-related decisions at an OPEC meeting next week in Algiers, Bloomberg reported.

Crude futures in New York tumbled 4 percent to $44.48 in New York in a reversal from an earlier climb on other reports that said Saudi Arabia could propose a production cut in exchange for an output freeze by Iran, according to Bloomberg.

Market Summary

Index Value Net Change % Change
GovCon Index 81.375 -0.405 -0.495%
S&P 500 2, 164.57 -14.49 -0.57%
Dow Jones Industrial Average 18, 261.45 -131.01 -0.71%
NASDAQ 5, 305.75 -33.78 -0.63%
Advancing GovCon Index Issues 5
Declining GovCon Index Issues 24
Unchanged GovCon Index Issues 1

Lowest GovCon Index Net Performers

Symbol Company $ Current Price Net Change ▾ % Change
CACI CACI International, Inc. 101.73 -1.43 -1.39%
GD General Dynamics * 153.81 -1.05 -0.68%
MCK McKesson Corp. * 167.08 -1.04 -0.62%
SAIC SAIC 69.72 -0.90 -1.27%
RTN Raytheon * 138.58 -0.89 -0.64%

Lowest GovCon Index Percentage Performers

Symbol Company $ Current Price Net Change % Change ▾
BAESY BAE Systems 27.26 -0.84 -3.01%
KBR KBR 14.40 -0.42 -2.83%
MANT ManTech International 40.29 -0.75 -1.83%
NAV Navistar International 21.79 -0.39 -1.76%
CACI CACI International 101.73 -1.43 -1.39%

Top GovCon Index Net Performers

Symbol Company $ Current Price Net Change ▴ % Change
NOC Northrop Grumman * 217.05 +0.56 +0.26%
EGL Engility Holdings 32.12 +0.28 +0.88%
HRS Harris Corp. * 90.88 +0.07 +0.08%
CAE CAE 14.42 +0.06 +0.42%
VEC Vectrus 28.69 +0.04 +0.14%

Top GovCon Index Percentage Performers

Symbol Company $ Current Price Net Change % Change ▴
EGL Engility Holdings, Inc. 32.12 +0.28 +0.88%
CAE CAE 14.42 +0.06 +0.42%
NOC Northrop Grumman * 217.05 +0.56 +0.26%
VEC Vectrus 28.69 +0.04 +0.14%
HRS Harris Corp. * 90.88 +0.07 +0.08%

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