Gun Manufacturer Stocks Soar Following Las Vegas Mass Shooting
Shares in top gun manufacturers rose in the US following the horrific shooting in Las Vegas late Sunday night.
Over 50 people were killed and another 400 injured in a concert at the Route 91 Harvest Festival.
The BBC reported:
Shares in gun manufacturers rose in the first few hours of trading on Monday, just hours after a gunman killed at least 50 people in Las Vegas.
It is thought the rise is down to an anticipated rush to buy weapons as people fear a tightening of gun control laws.
Soon after opening on Monday morning, shares in American Outdoor Brands Corp. (NASDAQ: AOBC), which holds Smith and Wesson, were up more than 3% .
Sturm Ruger & Co. (NYSE: RGR), another gun manufacturer, was up around 3% at the same time. Meanwhile, ammunition manufacturer, Vista Outdoors Inc. (NYSE: VSTO) was up 3% .
Prices in all three companies were bouncing around in early trading, but were in positive territory.