Shares in defence companies have surged in recent months, eclipsing gains for wider stock markets, as investors bet on the promises of increased military spending by western governments to help Ukraine’s war effort against Russia.
An MSCI global benchmark for the sector is up almost 30 per cent in dollar terms since the start of October, 15 percentage points more than the broader gauge of worldwide equities. Europe’s Stoxx aerospace and defence index has risen just over a third over the same period.
The gains reflect a growing conviction among investors that the conflict is unlikely to end quickly. A rally ahead of Vladimir Putin’s invasion of Ukraine last February had fizzled out in the early months of the war.
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