September 28 Market Close: GovCon Index, US Stocks Move Green in PM Trade on Oil Supply Cut Reports

GovConIndexUPExecutive Mosaic’s GovCon Index turned positive in mid-afternoon trade Wednesday along with U.S. stocks after reports surfaced that major oil producing countries reached an agreement to limit global supply with more details due in November.

GovCon Index gainers outnumbered laggers at a 4-to-1 ratio and eight of its 11 S&P 500 companies advanced with L-3 Communications (NYSE: LLL) as the top net performer for companies listed in both indices.

The GCI has struggled for clear direction in September on interest rate hike speculation and is in narrow range as both the month and third quarter end Friday.

CACI International (NYSE: CACI) led GCI net gainers Wednesday with L-3 second and the remaining top five were Huntington Ingalls Industries (NYSE: HII), Honeywell International (NYSE: HON) and Navistar International (NYSE: NAV).

Huntington Ingalls advanced in early afternoon trade as the military shipbuilder also owns energy market engineering and project management company UniversalPegasus International, which was acquired in 2014.

Booz Allen Hamilton (NYSE: BAH) and General Dynamics (NYSE: GD) reached a new 52-week high during intraday trade in a second consecutive session for both companies.

Navistar, KBR (NYSE: KBR), AECOM (NYSE: ACM), Textron (NYSE: TXT) and BAE Systems PLC (over-the-counter in the U.S.) ended as the GCI’s top five percentage performers after reports on the oil supply pact surfaced in mid-afternoon trade.

According to Reuters, the Organization of Petroleum Exporting Companies will cut global output for the first time since 2008 with the framework set at a reduction to 32.5 million barrels per day from the current 33.24 million level as Saudi Arabia softened its stance on major production rival Iran.

Crude futures in New York settled up 5.3 percent to $47.05 a barrel to send the S&P energy sector up almost 4 percent, while the global Brent benchmark in London climbed 5.5 percent to $48.50 a barrel on the news.

Seven sectors including energy rose to help lift the S&P 500 out of negative territory from early afternoon onward.

Market Summary

Index Value Net Change % Change
GovCon Index 81.995 +0.404 +0.495%
S&P 500 2, 171.37 +11.44 +0.53%
Dow Jones Industrial Average 18, 339.24 +110.94 +0.61%
NASDAQ 5, 318.55 +12.84 +0.24%
Advancing GovCon Index Issues 26
Declining GovCon Index Issues 4
Unchanged GovCon Index Issues 0

Top GovCon Index Net Performers

Symbol Company $ Current Price Net Change ▴ % Change
CACI CACI International 102.40 +1.22 +1.21%
LLL L-3 Communications * 153.61 +1.12 +0.73%
HII Huntington Ingalls Industries 154.81 +0.96 +0.62%
HON Honeywell International * 117.16 +0.95 +0.82%
NAV Navistar International 22.30 +0.93 +4.35%

Top GovCon Index Percentage Performers

Symbol Company $ Current Price Net Change % Change ▴
NAV Navistar International 22.30 +0.93 +4.35%
KBR KBR 14.87 +0.49 +3.41%
ACM AECOM 29.48 +0.56 +1.94%
TXT Textron * 40.18 +0.59 +1.49%
BAESY BAE Systems 27.59 +0.39 +1.43%

Lowest GovCon Index Net Performers

Symbol Company $ Current Price Net Change ▾ % Change
SAIC SAIC 70.07 -0.16 -0.23%
NOC Northrop Grumman * 217.90 -0.15 -0.07%
LMT Lockheed Martin * 245.75 -0.04 -0.02%

Lowest GovCon Index Percentage Performers

Symbol Company $ Current Price Net Change % Change ▾
SAIC SAIC 70.07 -0.16 -0.23%
NOC Northrop Grumman * 217.90 -0.15 -0.07%
LMT Lockheed Martin * 245.75 -0.04 -0.02%

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