A succession of contract wins helped propel Babcock to the top of the second rung of the stock market.

The defense group was the top performer on the FTSE 250 yesterday, rising 6.6%, or 19.2p, to 309.2p as it sought to capitalize on the government’s increasing national security spending in response to the conflict in Ukraine.

Babcock, whose largest customer is the Ministry of Defense (MoD), won contracts with the Polish and Australian defense forces, as well as a six-year contract with the Royal Navy’s warships.

In addition, twenty contracts were awarded to the group’s energy and maritime businesses.

In the six months before September, Babcock’s revenues inched up 1% to $2.14 billion.

Boss David Lockwood stated, “We are operating in a challenging macroeconomic and geopolitical climate.”

We are focused on properly managing the problems our firm faces, most notably inflationary pressures while maximizing the greater opportunity set we perceive in a market environment that is favorable for the defense industry.

The FTSE 250, however, did not profit from Babcock’s rise, increasing by only 0.5%, or 9.02 points, to 19,422.37.

Meanwhile, the FTSE 100 increased by 1.03 percent, or 75.99 points, to 7452.84.

A day after the price of petroleum hit a ten-month low, oil shares rose.

The decline occurred in the wake of suggestions that Saudi Arabia and other Opec producers may increase output.

However, the organization has since refuted rumors that it was considering increasing oil production.

BP gained 6.5%, or 29.85p, to 488p, Shell gained 4.8%, or 110p, to 2382.5p, and North Sea producer Harbour Energy gained 7.1%, or 21.1p, to 320.6p as oil prices soared.

After the oil rig manufacturer announced that it’s chief executive Sami Iskander will resign at the end of March 2019, investors plummeted Petrofac shares.

He will be replaced by Tareq Kawash, a senior executive of McDermott, an oil company.

The share price fell 10.7%, or 12.7p, to 106p.

Despite difficulties in its European operations, CRH’s sales and profits increased significantly. In the three months before September, revenue increased by 13% to £20.56 billion, while profit increased by 14% to £3.54 billion.

Contrast the robust performance of CRH’s Americas materials segment with its European business, where sales decreased by 9 percent and profit dropped by 19 percent.

In Western Europe, the rising cost of energy and raw materials exceeded the company’s pricing hikes.

The share price decreased by 1.3%, or 44.5p, to 3300p. In the six months leading up to September, Cranswick’s revenues increased by 12 percent to £1.1 billion despite a “relentlessly tough operating environment.” The share price increased by 4.0%, or 122p, to 3208p.

Telecom Plus stated that its business is “expanding faster than ever” due to the influx of new clients seeking energy bill discounts.

In the six months leading up to September, the energy services provider’s revenue skyrocketed 51.5% to £ 562.4 million, while its profit surged 46.2% to £ 29.1 million.

Following the encouraging results, Telecom Plus raised its profit prediction for the year, stating that it should be at least £95 million. The price of the stock gained 0.4%, or 10p, to 2345p.

In the six months leading up to September, profit at water supplier Severn Trent rose 2.4% to £261,7 million.

Inflation-linked increases in water rates also contributed to the company’s 10.8% growth in revenue to £1.1 billion.

In the six months leading up to September, however, Severn Trent was confronted with a 75.3% increase in its energy expenses to £41,1,000,000. The price of the stock declined 0.7%, or 19p, to 2739p.