Investors' Chronicle War in Iran, healthcare resurgence & Isa changes: The Companies and Markets Show
Mar 6, 2026
Holly McKechnie, personal finance editor explaining upcoming ISA reforms and practical saver steps. Julian Hofmann, healthcare analyst on a potential sector revival and earnings-led rotation. Mike Fahy, energy and defence commentator on how Middle East tensions ripple through energy prices, shipping costs and defence spending. They discuss ISA rule changes, healthcare momentum and geopolitical market effects in short, punchy segments.
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Defence Shares Face Valuation Hangover
- Defence stocks reacted unevenly because European names had already rallied hard since 2022, leaving valuations stretched relative to US contractors.
- Mike Fahy noted some European defence shares rose but many US giants showed little movement due to prior gains.
Short Term US Defence Boost Likely But Long Term Uncertain
- The US could accelerate defence spending short term, but larger multi-year increases face political hurdles before Congress.
- Mike Fahy cited a potential $150bn already authorised and commentary suggesting spending could be pulled forward into this year.
Healthcare Recovery Fueled By Postpandemic Restructuring
- Healthcare struggled post-pandemic because procurement and patient behaviour were disrupted for years, creating delayed earnings recovery.
- Julian Hofmann said companies that restructured in 2022–23 are now seeing earnings improvements, prompting possible sector momentum.