European defence firms edge higher ahead of German spending vote

RENK AG

18/03/2025 10:33

** Shares in some European defence companies pick up steam in mid-morning trade on Tuesday ahead of a parliamentary vote in Germany on historic debt reforms that could boost defence spending

** An index of aerospace and defence companies .SXPARO up 0.9% at 1021 GMT, hitting a fresh record high

** Germany's Renk R3NK.DE leads gains, up around 10% and hitting a record high of 48.76 euros

** Hensoldt HAGG.DE, which provides sensor systems for the Eurofighter, is up 7%, Rheinmetall RHMG.DE rises around 4%, while Italy's Leonardo LDOF.MI and Sweden's Saab SAABb.ST are up 2% and 1.5%, respectively

** Europe's biggest defence company by market cap BAE Systems BAES.L up 1.1%

** Steel-to-defence conglomerate Thyssenkrupp TKAG.DE, which is not on the index, jumps about 6%

** Britain's QinetiQ QQ.L, in the meantime, falls around 2%, extending Monday's losses after it warned of contract delays in the U.S. and UK

 (Reporting by Anna Pruchnicka)

 ((anna.pruchnicka@tr.com))