Oil, Gold and Defense Stocks Jump on Israel-Hamas War

Tiger Newspress2023-10-09

Oil, gold and defense stocks jumped on Israel-Hamas war.

Oil stocks - Exxon Mobil rose 3.2%, Chevron gained 2.4%, ConocoPhillips rose 3.9%, and U.S.-listed shares of Shell were up 2% after the jump in oil prices. Futures for West Texas Intermediate crude, the U.S. benchmark, were rising 3.6% to $85.75 a barrel. Traders were watching how the conflict affects oil production in the Middle East. 

Defense companies - Lockheed Martin rose 8.1% and shares of other defense companies such as RTX Corp., up 4%, and Northrop Grumman, up 8.8%, also traded higher following Israel’s war with Hamas. Separately, Lockheed‘s board on Friday approved the expansion of Lockheed’s stock repurchase program by $6 billion, and the company raised its quarterly dividend to $3.15 a share from $3.

Gold stocks - Gold stocks gained in morning trading as attack on Israel bolsters metal’s haven status. Harmony Gold Mining (HMY) and Anglogold Ashanti (AU) rose 5%; Gold Fields (GFI) rose 4%; Kinross rose 3%; Barrick Gold and Agnico Eagle Mines rose 2%.

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