Babcock joins FTSE 100 after significant share price rise

Babcock International, a defence company that maintains Britain's nuclear submarines, is set to join the FTSE 100 index today. This follows a nearly 50% increase in its share price this year. As a result, the company is now valued at around £3.7 billion. The surge in Babcock's shares is part of a broader rise in defence stocks across Europe. Companies like BAE Systems in the UK and Rheinmetall in Germany have also seen share price increases as countries increase military spending. Babcock's promotion to the FTSE 100 comes as Hargreaves Lansdown, an investment platform, exits the stock market. Hargreaves was recently acquired in a £5.4 billion deal led by a private equity consortium, including the Abu Dhabi sovereign wealth fund. Trading for Babcock will begin in the FTSE 100 this morning, marking a significant milestone for the company.