International Seaways Inc (INSW) stock surged over 8% in the pre-market trading session on Tuesday, following the announcement that the company will be added to the S&P SmallCap 600 index.
The addition of International Seaways to the prestigious 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 composition. This heightened demand is cited as the primary catalyst behind the significant pre-market rally in INSW's stock price.
Inclusion in widely-tracked indices like the S&P SmallCap 600 is often viewed as a positive development for companies, as it can bring increased visibility, liquidity, and institutional ownership to their shares. The index rebalancing to include International Seaways is set to take effect on December 30th, 2024.
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