Weapon company stocks soar after Starmer says Europe faces era-defining moment | CPT PPP Coverage
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Weapon company stocks soar after Starmer says Europe faces era-defining moment appeared on www.independent.co.uk by Tom Watling.
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Share prices in European weapons manufacturers have surged after Sir Keir Starmer pledged to “develop a coalition of the willing” to defend Ukraine amid a push for a peace deal.
Shares in Britain’s BAE Systems jumped by 19 per cent at one stage in Monday morning trading while Germany’s Rheinmetall gained 14 per cent, France’s Thales increased 16 per cent and Italy’s Leonardo was up 10 per cent.
Weapons manufacturers have long said they are ready to increase production should European governments start placing orders, while defence bosses have continually called for an increase in spending to reflect the heightened security threat posed by Vladimir Putin’s Russia following his invasion of Ukraine, which is now in its fourth year.
At a conference on Sunday, Sir Keir told world leaders, including Ukrainian president Volodymyr Zelensky, that Europe was “at a crossroads in history”. He has already signalled his willingness to send British troops, alongside French forces, to Ukraine in a peacekeeping capacity.
Shares in aerospace companies with significant defence revenues also rose on Monday.
Airbus rose by three per cent, France’s Safran increased by 2.7 per cent, and Rolls-Royce gained six per cent, hitting a record high after the British jet engine manufacturer recorded strong results last week.
Other stocks linked to the defence sector were also enjoying sharp gains on Monday, with defence technology group QinetiQ up nine per cent in the FTSE 250, followed by Babcock International with a seven per cent rise and Chemring up four per cent.
Among small-cap stocks, there were big share increases for helmet and gas mask maker Avon Technologies – up seven per cent – while Cohort, which is a specialist in sonar, torpedo and communications, surged 10 per cent.
Susannah Streeter, head of money and markets at Hargreaves Lansdown, said: “A show of cooperation among leaders at the weekend in London has reinforced expectations that military budgets will swell in a new era of collaboration to counter the Russian threat.”
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