BAE Systems and Babcock shares jump as Iran war jolts markets and lifts defence spending bets
Shares of BAE Systems surged 6.1% on Monday, with Babcock International up 1.7%, defying a broader London selloff as investors responded to the escalating conflict involving Iran and the prospect of increased defence budgets. The FTSE 100 dropped 1.2%, market data showed. Citi’s Charles Armitage noted that BAE, with roughly half its revenue tied to the U.S., stands to benefit most from any boost in American defence outlays.