Shares of U.S. firearm makers surged on Monday as renewed fears of tighter gun control after the deadliest mass shooting in U.S. history led to expectations of a spike in firearm sales.
Smith & Wesson Holding Corp’s shares rose as much as 11.6 percent, while those of Sturm Ruger & Co Inc jumped 10.7 percent.
A man armed with an assault rifle and pledging loyalty to Islamic State killed 50 people during a gay pride celebration at a nightclub in Orlando, Florida early on Sunday.
The rampage, by New York-born Florida resident Omar Mateen, was denounced by President Barack Obama, who had previously blasted Congressional inaction on gun control.
Gun sales jumped in January after President Obama vowed to use executive powers to expand background checks for buyers and bolster licensing requirements for dealers.
The Orlando shooting is also expected to reignite emotional debates over American gun laws and homeland security in what is shaping up to be a vitriolic U.S. presidential campaign between Democrat Hillary Clinton and Republican Donald Trump.