Shares of Sturm Ruger & Co., Smith & Wesson Holding Corp and Sturm Ruger & Co. on Monday rose sharply in the wake of Sunday’s mass shooting at an Orlando gay nightclub, which left at least 50 dead.
Demand for firearms typically jumps after mass shootings over concerns that stricter gun-control laws may be enacted. Share likewise often rise in anticipation.
Shares of Sturm Ruger & Co. Inc. rose $4.88, or 8.5 percent, on Monday, to $62.29. Smith & Wesson Holding Corp., climbed $1.47, or 6.9 percent, to $22.88. Shares of Vista Outdoor Inc. were basically flat at $47.13, up 9 cents.
President Barack Obama described the Orlando massacre “a further reminder of how easy it is for someone to get their hands on a weapon that lets them shoot people in a school, or in a house of worship, or a movie theater, or in a nightclub. And we have to decide if that’s the kind of country we want to be.”
Following the tragedy at the Sandy Hook elementary school in Newtown, CT, much of the start of Obama’s second term was aimed at pushing legislation to expand background checks, ban certain assault-style weapons and cap the size of ammunition clips. The measure collapsed in the Senate.
Hillary Clinton, the presumptive Democratic nominee, pushed for a reinstatement of a ban on “assault weapons.” The shooter at Pulse reportedly used an AR-15 semi-automatic rifle to kill close to 50 people. The same type of rifle was used in the Newtown, Aurora, and San Bernardino shootings.
“This is the deadliest mass shooting in the history of the United States and it reminds us once more that weapons of war have no place on our streets,” Clinton said in a statement.
Donald Trump, the presumptive Republican nominee, has previously vowed to protect gun rights in the past. After the massacre, he condemned the U.S. immigration system and vowed to restrict further immigration on the basis of religion.