International Seaways Inc (INSW) stock soared 6.69% in the pre-market trading session on Tuesday, following the news that the company will be added to the S&P SmallCap 600 index.
The addition of International Seaways to the S&P SmallCap 600 index is expected to drive increased demand for the company's shares from index funds and other investment vehicles that track the index. This increased demand is likely the primary factor behind the pre-market surge in INSW's stock price.
Inclusion in a widely-tracked index like the S&P SmallCap 600 is often seen as a positive development for companies, as it can bring increased visibility and liquidity to their shares. The index rebalancing is set to take effect on December 30th, 2024.
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