Shares of major gunmakers, including Sturm, Ruger & Company and Smith & Wesson Brands, surged on Monday morning following the assassination attempt on former U.S. President Donald Trump at a campaign rally in Pennsylvania over the weekend.
During mid-day trading, stocks of gun makers and ammunition companies saw significant gains. Smith & Wesson Brands rose by 10%, Sturm Ruger & Company increased by 7%, and Ammo saw an 18% jump.
Historically, gun stocks tend to rise after mass shootings, as concerns about potential restrictions on firearm availability drive people to purchase more guns.
The attempted assassination of the Republican candidate is believed to have increased the chances of his victory in the upcoming U.S. elections. Investors are now placing bets on Trump’s win, with PredictIt, an online betting site, raising bets on Trump’s election victory from 60 cents on Friday to 67 cents, while Joe Biden’s odds stood at 27 cents.