CORRECTION - European stock markets close higher, driven by defense-sector surge

Stoxx 600 hits all-time high, Germany's DAX 40 soars 1.26%, UK'S FTSE 100 0.41%, Italy's FTSE MIB 30 0.92%

CORRECTS FIGURE IN FIFTH PARAGRAPH

By Mucahithan Avcioglu

ISTANBUL (AA) — European stock markets gained on Monday, led by defense companies' surge amid geopolitical tensions, with the Stoxx 600 reaching a new record high.

Defense stocks climbed following discussions at the Munich Security Conference, with investors closely monitoring developments around the Ukraine-Russia war, including remarks on ending the conflict.

Germany’s Renk Group and Rheinmetall grew by 16.57% and 14%, respectively, as Swedish defense manufacturer Saab gained 16.17% and the UK’s BAE System soared 7.9%.

The pan-European Stoxx 600 closed with a 0.54% gain to mark another all-time closing high of 555.42 points.

Germany's DAX 40 index rose 1.26%, or 284.67 points, to 22,798.09, while the UK'S FTSE 100 grew 0.41% — 35.55 points — to 8,768.01.

France's CAC 40 also increased 0.13%, or 10.59 points, to 8,189.13, and Italy's FTSE MIB 30 index soared 0.92% to 38,327.72 in a 350.13-point rise.

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