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Why KEMET Shares Jumped Today

TheMotleyFool

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Shares of KEMET Corporation (NYSE: KEM) have jumped today, up by 13% as of 10:45 a.m. EDT, after S&P Dow Jones Indices announced that it would be adding the company to the S&P SmallCap 600 index, spurring buying among index funds that track the index.

Among other index constituent changes, KEMET is replacing Astoria Financial in the S&P SmallCap 600, and the change will be effective "prior to the open of trading on Monday, October 2." As you can probably guess, the S&P SmallCap 600 measures the small-cap segment of the U.S. equity market.

Image source: KEMET.

Source: Fool.com