Shares of gun stocks rose in premarket trading Monday after at least 50 people died in Las Vegas in what was apparently the deadliest shooting in U.S. history.

Sturm Ruger rose 4 percent. American Outdoor Brands, formerly Smith & Wesson, rose nearly 5 percent.

Stephen Paddock, age 64, of Mesquite, Nevada, opened fire late Sunday night at a concert on across from the Mandalay Bay hotel on the southern end of the Las Vegas Strip. In addition to killing at least 50 people, Paddock injured more than 200.

Police said Paddock is dead. He has no known connection to terrorism and police have not called the shooting a terrorist attack, according to NBC.

The gains in the gun stocks apparently came as traders bet on a pickup in arms sales ahead of potentially tighter regulations as a result of this shooting.

The two stocks have fallen sharply since President Donald Trump‘s election win last November. Gun sales had climbed ahead of the election on expectations a Democratic win would increase restrictions on purchases. After Trump’s win, sales of the weapons dropped and so did the stocks.

The stocks surged in mid-September after Reuters reported, citing senior U.S. officials, that the Trump administration is working to make it easier for U.S. gun makers to sell small arms to foreigners.

As of Friday’s close, American Outdoor Brands was down nearly 28 percent for the year. Sturm Ruger shares were nearly 2 percent lower for the year.

Source: Investment Cnbc
Gun stocks rise after deadly Las Vegas shooting