More than £8billion has been added to the value of five of Europe’s biggest defence firms since Hamas terrorists attacked Israel on October 7.
Shares in UK giant BAE Systems rose 10 per cent last week, and there were similar gains at Saab of Sweden, Germany’s Rheinmetall, French group Thales and Leonardo in Italy.
The value of BAE, which is Britain’s biggest defence company, increased by £3billion to £32.8billion.
Surge: Since the start of 2022, defence stocks have risen by between 93 per cent and over 200 per cent
Rheinmetall, which is the world’s top ammunition producer, added £1.3billion to its valuation, making it worth £10billion at the end of last week.
The surge in share prices – driven by expectations that the conflict will boost defence spending – adds to the gains made since Russia invaded Ukraine in February last year.
Since the start of 2022, these stocks have risen by between 93 per cent and over 200 per cent, adding more than £40billion to their value.
Oil giants including BP and Shell also rallied on a rise in crude prices over fears that a widening of the conflict could affect oil supplies from the Middle East.
Last week, Hamas launched the largest military assault on Israel in decades, killing more than 1,000.
The attack triggered a wave of retaliatory Israeli air strikes on the Gaza Strip that have also killed more than 2,000 people.
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