The Associated Press reported that shares of Smith & Wesson Holding Corp. climbed recently, breaking free of a downturn in the broader market after the U.S. Supreme Court overturned a handgun ban in Washington DC.
Smith & Wesson shares rallied in heavy trading, rising 44 cents, or 8.6 percent, to $5.55. Analysts said the ruling will have little effect on Smith & Wesson’s sales, however, because the Washington, D.C., restrictions were far tighter than most others in the country, and D.C. is a small market.
More than 90 percent of the country, except for Illinois, Wisconsin and D.C., already permit gun owners to carry concealed weapons. Also, 37 states don’t require a concealed carry permit, or have laws requiring that guns be issued to customers who meet the requirements for getting a permit.
A Smith & Wesson spokesperson declined to comment on the ruling.
Shares of Sturm, Ruger added more than 2% to $7.48. Ammunition maker Olin Corp. lost $1.18, or 4.4 percent, to $25.48.
Comparably, the Dow Jones industrial average fell nearly 300 points and other major indexes suffered comparable declines.
