European defence stocks fell heavily on Monday as some investors bet that political instability in Russia could hamper the Kremlin’s war effort and shorten the conflict in Ukraine.
Saturday’s abortive insurrection by warlord Yevgeny Prigozhin prompted profit-taking by some from a sector that has soared since Russia’s invasion of Ukraine in February 2022, analysts and industry executives said.
Italian defence group Leonardo, Sweden’s Saab and Germany’s Rheinmetall all initially fell more than 5 per cent before recovering slightly to trade 3.5 per cent, 4.2 per cent and 3.1 per cent lower, respectively, by early afternoon. French groups Dassault Aviation and Thales fell 2.3 per cent and 1.6 per cent, respectively.
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