European Defense, Energy Stocks Rise, Airlines Slide After Attack on Israel
October 09 2023 - 5:33AM
Dow Jones News
By Pierre Bertrand
European defense and energy stocks rose Monday, while airline
stocks fell after the surprise attack by Hamas on southern Israel
over the weekend.
As of 0936 GMT, Italian defense company Leonardo traded 6%
higher and Germany's Rheinmetall climbed 5.4%, while France's
Dassault Aviation rose 4.9% and Thales went up 4.6%.
In London, BAE Systems shares rose 4%.
The pan-European Stoxx Europe 600 index inched 0.2% higher,
having fallen in earlier trade.
The attack sparked an increase in oil prices, sending energy
company shares higher.
Shares in Portugal's Galp rose 3.5% while Spain's Repsol saw
shares go up by 2.5%.
Shares in BP in London similarly increased 2.5% and shares of
Shell were up 2.4% as of 0938 GMT.
In Italy, Eni shares traded 2.1% higher while at 0946 GMT
France's TotalEnergies was 1.8% higher.
The violence, which saw fighting across several communities in
southern Israel and a second night of air strikes by Israeli forces
into Gaza, led to the cancellation of several flights by European
carriers into the country and a retreat of European airline
shares.
Air France-KLM shares fell 3.6%, while at 0938 GMT, British
Airways parent International Consolidated Airlines Group shares
dropped 3.4%. Ryanair shares also traded down 1.8% while Germany's
Lufthansa ticked 2.8% lower.
Write to Pierre Bertrand at pierre.bertrand@wsj.com
(END) Dow Jones Newswires
October 09, 2023 06:18 ET (10:18 GMT)
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