Re/Max Holdings Inc. rose the most in more than a year after an announcement that the franchiser of real estate brokerages will be added to the Standard & Poor’s SmallCap 600 Index.
The shares climbed 5.6 percent to $34.69 at 9:44 a.m. New York time after advancing as much as 6.9 percent, the biggest intraday gain since December 2014. Late Tuesday, S&P Dow Jones Indices said Denver-based Re/Max will replace Pep Boys in the U.S. stock gauge after the close of trading on Feb. 2. Carl Icahn is acquiring the auto-parts retailer in a deal that’s expected to be completed soon.
Re/Max, with a market value of about $584 million, went public in October 2013.