NEW YORK, Aug 16 (Reuters) - Standard & Poor's said on Thursday Leucadia National Corp LUK.N would replace KeySpan Corp KSE.N in its flagship S&P 500 stock index .SPX after the close of trading on August 24.
Leucadia, based in New York, engages in manufacturing, real estate, medical product development and winery operations. KeySpan, a northeast U.S. utility, is being acquired by Britain’s National Grid Plc (NG.L) (NGG.N).
Shares of companies joining the S&P 500 often rise because many portfolio managers try to track the index and must buy shares of companies that enter it.
Leucadia shares closed Thursday down 55 cents at $41.00 on the New York Stock Exchange. They rose to $42.50 in after-hours electronic trading. (Reporting by Jonathan Stempel)