Biggest FTSE 350 risers and fallers since the Middle East war started

Since the US and Israel began striking Iran the conflagration in the Middle East has sharply escalated into a regional war with no signs of an off-ramp. The effective closure of the Strait of Hormuz has choked global energy flows, sparking a surge in oil and gas prices globally.

Equity markets have borne losses as investors fear about a global economic slowdown and inflation crisis. 

Here’s our look at the top performing and worst performing stocks on the FTSE 100 and FTSE 250 since the start of the war. (Source: Bloomberg, Saxo; prices sourced mid-morning Monday, 9 March).

Risers: Oil and gas stocks on crude surge, software on mean-reversion bounce, defence favourite up on the war fallout

Harbour Energy has gained +15% with Ithaca Energy +13% close behind with the jump in crude prices lifting upstream oil and gas explorers. Expectations for a prolonged rise in crude oil offers longer-term support but shares are vulnerable to any correction in oil markets. Shell (+2.5% MTD) and BP (+4.5%) are also among the top 20 gainers this month as a result of the rise in crude pricing. 

Unrelated to the conflict, publishing group Future has rallied about 6% as the stock stabilises after its valuation hit the single digits PE following a 75% decline in the last 5 years. 

ITV gained after its full-year results last week were better than expected and the broadcaster confirmed it’s in talks to sell its Media & Entertainment division to Comcast-owned Sky.

Kainos bounced as the AI-fear-driven sell-software trade reversed course. Shares are still –20% YTD despite the gain of +5% in March. In the same vein, Trustpilot has also added more than 4% this month.

Admiral is +5% after it last week beat forecasts with a 16% rise in annual profit to £957.9 million and raised its target for earnings per share growth.

BAE Systems has added +5% on broad defence spending optimism in the wake of the Middle East conflict, supporting the broader defence sector narrative we have seen over the last year or more. Shares are +350% in the last 5 years.

Greggs didn’t offer anything terribly appetizing in its full-year results as profits slid by a fifth and like-for-like sales growth slowed. Nevertheless, shares have gained as investors search for bargains with the stock near a 5-year low and trading around 13x, even if Peel Hunt says this is still “too rich” given the limited growth from the most shorted stock in London.

Elsewhere, Serco +3% for the month on better-than-expected results, and finally back to the order of the day – the war in the Middle East – shipping services group Clarkson is up about +3% as every tanker needs to reroute.

Fallers: housebuilders and related on UK growth weakness, travel on Iran war, industrials on rising energy costs, miners on precious metal decline

Vistry Group -38% for the month takes the wooden spoon after the housebuilder that profit growth in 2026 could disappoint and announced plans for CEO Greg Fitzgerald to retire. Leadership uncertainty seems to be the defining factor for the shares.

Wizz Air - the second most shorted stock in London - slipped after warning the Iran conflict could cut profits by around €50mn, citing cancelled flights and higher fuel costs. 

RHI Magnesita –28% as the refractory products maker is seen affected directly the war in Iran disrupting trade and energy flows and raising raw material costs.

Mobico –27% after £257mn loss for the owner of National Express, while Ibstock –22% after warning demand in the construction market remains weak and cut its dividend. Higher cost input inflation from surging oil prices clearly a factor here as well.Genuit –20% on construction weakness with the UK construction PMI down for a 14th month in a row. Housebuilder Crest Nicholson was another to shed almost 20% this month despite decent full year results.

Raspberry Pi –22% after surging amid a meme-stock frenzy in February to briefly hit a £1bn valuation.

CQS Natural Resources Growth and Income fund –22%, with holdings down on the war and news on Monday sparking a further selloff after it was announced portfolio managers Keith Watson and Robert Crayfourd have tendered their resignations.

Carnival –21% on travel disruption and higher costs with the entire sector seeing significant selling pressure since the war began. 

Pagegroup –20% on 67% drop in profits and dividend cut with UK labour market weakness persisting, while Fresnillo and Hochschild Mining each –19% as silver has declined –10% this month on the war.