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Stock impact report

Britain's biggest weapons maker surges after Trump military pledge [Yahoo! Finance]

CHEMRING GRP PLC UNSP/ADR (CMGMY) 
NASDAQ:AMEX Investor Relations: chemring.co.uk/investors.aspx
Company Research Source: Yahoo! Finance
BAE Systems surged by as much as 7pc, adding more than £4bn to its market value, after the US president said that he planned to raise the US defence budget by 50pc from $1trn to $1.5trn. Britain's biggest weapons maker led gains on the FTSE 100 but other British defence companies also jumped in London, with Babcock up as much as 2.4pc, although it was last lower on the day. FTSE 250-listed Chemring was up as much as 4.2pc. The moves were mirrored in Europe and on Wall Street. Aneeka Gupta, an analyst at WisdomTree, said markets were “pricing in faster and larger increases in European defence spending, stronger domestic arms production and a renewed push for strategic autonomy”. US defence companies had initially slid on Wednesday after Mr Trump said he would curb defence industry bosses' pay to force them to rearm the United States more quickly. He announced on Wednesday that military contractors would not be allowed to pay executives more than $5m (£3.7m) until they build Show less Read more
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