Firearms stocks moved higher on Monday after gun background checks rose 79% in July year-over-year amid violent protests which have gripped major cities across the United States. That said, the number of checks was lower than all-time records set in March and June.
Shares in Ruger and Smith and Wesson enjoyed gains of more than 5% and 9% respectively on Monday, while taser manufacturer Axon Enterprise were up more than 5%.
The FBI ran over 3.6 million background checks through the National Instant Criminal Background Check System (NICS) last month – the third-highest on record, behind 3.9 million checks in June and 3.7 million checks in March.
Guns have been flying off the shelves since the May 25 killing of George Floyd, who died after a Minneapolis police officer knelt on his neck for more than eight minutes – an incident which triggered nationwide protests against the police and racial inequality, which have devolved into violence and property destruction in major cities as well as several suburbs.