Geopolitical instability has left many global corporations jittery.

But the world's biggest arms producers are doing well, with shares of the top 12 publicly listed firms - based on a list by the Stockholm International Peace Research Institute - rising by almost 30 per cent on average in the last year.

Stock price data on the 12 companies reveal most have benefitted in a year in which the number of conflict zones in Europe, the Middle East and Africa has risen.

While some companies have under-performed during the period, many have risen by more than 50 per cent.