TSX:RBA - Post Discussion
Post by
retiredcf on Jun 10, 2024 8:57am
RBC
RB Global Inc.
Being added to the S&P 400
NYSE: RBA | USD 72.69 | Outperform | Price Target USD 93.00
Sentiment: Neutral
What happened – On Friday after market close, S&P announced that RB Global was being added to the S&P 400 index, with the official rebalance set for Friday, June 21. The RBC Global Portfolio Trading & Index Strategy team expects 17.2MM shares to trade, which is the equivalent of 10 days of trading. The net notional amount is estimated at $1,250.7MM.
Our view – Recall that in June 2023, S&P announced that as part of its June rebalance, the domicile of RB Global was reassessed and a decision was made to change the domicile from Canada to the U.S. for index purposes (see our note here for additional information). As such, RB Global's addition to the S&P 400 does not come as a surprise; however, we view the additional demand for the company's shares from the index inclusion as a directional positive.
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