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.
In mid-day trading, shares of Smith & Wesson Brands, Sturm Ruger & Company, and Ammo experienced significant gains, rising 10%, 7%, and 18% respectively.
Historically, gun stocks tend to rise after events like mass shootings, as fears of potential firearm restrictions prompt increased purchases.
The attempted assassination of the Republican candidate is believed to have bolstered his chances of winning the U.S. elections, prompting investors to place bets on a Trump victory. PredictIt, an online betting platform, saw an increase in bets on Trump’s win from 60 cents on Friday to 67 cents, while Joe Biden’s odds stood at 27 cents.