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FTSE 100 hits new record as BAE and defence stocks surge on Ukraine talks - Market Report

FTSE 100 hits new record as BAE and defence stocks surge on Ukraine talks - Market Report

The FTSE 100 touched a new all-time high shortly after the open on Monday, supported by a jump in defence and defence-related stocks after the Ukraine summit hosted by Prime Minister Kier Starmer over the weekend.

Shortly after the open, the blue-chip index was up 32 points or 0.4% at 8,841.6.

BAE Systems PLC led the way, jumping 15%, while Rolls-Royce Holdings PLC gained 5%, continuing its results momentum from last week, and Melrose Industries PLC rose over 1%.

On the FTSE 250, defence technology group QinetiQ Group PLC jumped 9.5%, Babcock International PLC 7.6% and Chemring Group 6%.

Small-cap defence stocks are also being lifted after the European defence summit and the prospect of higher spending.

Helmet and gas mask maker Avon Technologies PLC leapt 6.5%, which has been topped by sonar, torpedo and communications specialist Cohort PLC shooting 11.5% higher.