TSX gains on big banks strength
Investing.com -- Interactive Brokers Group Inc (NASDAQ:IBKR) stock jumped 5% following the announcement that it will be added to the S&P 500 index, replacing Walgreens Boots Alliance Inc (NASDAQ:WBA).
The stock inclusion, announced by S&P Dow Jones Indices, will take effect prior to market open on Thursday, August 28. Walgreens is being removed from the index as it is being acquired by Sycamore Partners in a transaction expected to close soon.
Talen Energy Corp (NASDAQ:TLN) shares gained 4.1% after the company was selected to replace Interactive Brokers in the S&P MidCap 400 index. Talen will also join the index on August 28.
Meanwhile, Kinetik Holdings Inc (NYSE:KNTK) stock rose 5.9% on news it will be added to the S&P SmallCap 600 index, replacing Pacific Premier Bancorp Inc (NASDAQ:PPBI). This change will be effective prior to trading on Tuesday, September 2.
Pacific Premier Bancorp is exiting the index as it is being acquired by Columbia Banking System Inc (NASDAQ:COLB), a current S&P MidCap 400 constituent. The acquisition is expected to close soon, pending final conditions.
Index inclusions typically boost stock prices as they drive demand from index-tracking funds and ETFs that must purchase shares to maintain proper tracking of their benchmark indices.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.