Shares of major gun manufacturers, including Sturm, Ruger & Company and Smith & Wesson Brands, surged on Monday morning following an assassination attempt on former U.S. President Donald Trump at a campaign rally in Pennsylvania over the weekend.
In mid-day trading, Smith & Wesson Brands climbed 10%, Sturm Ruger & Company rose 7%, and Ammo saw an 18% increase.
After incidents of mass shootings, gun stocks commonly experience an uptick as some individuals purchase more firearms due to fears of potential restrictions.
The attempted assassination of the Republican candidate is also believed to have increased the likelihood of his victory in the U.S. elections. Investors are now making bets on Trump’s success. PredictIt, an online betting platform, reported an increase in bets on Trump’s election win from 60 cents on Friday to 67 cents, while Joe Biden’s odds stood at 27 cents.