Lockheed Martin (NYSE:LMT) shares rose close to 4% in Monday pre-market trading as defense contractors were expected to benefit from the attacks on Israel over the weekend.
RTX, formerly known as Raytheon Technologies Corp (NYSE:RTX), gained 3%. In London, BAE Systems PLC (LSE:BA.) jumped 4%, leading gainers on the FTSE 100 “amid expectations of increased defence spending”, according to Victoria Scholar at interactive investor.
The US has said it will send multiple military ships and aircraft closer to Israel as a show of support following the surprise attack by Hamas on Saturday. US Defense Secretary Lloyd Austin said Washington would also increase military aid and provide munitions to Israel.
Britain also stands ready to send military support to Israel after it was attacked by Hamas, UK Prime Minister Rishi Sunak said.
Lockheed’s shares were also lifted after it announced a fourth-quarter 2023 dividend of $3.15 per share. The company noted that this is the 21st consecutive year of dividend increases for the company.
Contact the author at stephen.gunnion@proactiveinvestors.com