DOW JONES NEWSWIRES 
 

Standard & Poor's said Wednesday it will add natural-gas distributor Oneok Inc. (OKE) to its S&P 500 index to replace Black & Decker Corp. (BDK), which is set to be acquired by consumer-products company Stanley Works (SWK).

Oneok will be added to the S&P 500 gas utilities Sub-Industry index. The change is set to occur March 12.

Additionally, S&P said reinsurer Transatlantic Holdings Inc. (TRH) will replace Encore Acquisition Co. (EAC) in the S&P MidCap 400 index after the close of trading March 9, as Denbury Resources Inc. (DNR) is expected to acquire Encore on or about that date.

As a result of Oneok's move, SmallCap 600 constituent Greenhill & Co. (GHL), an independent investment bank, will be added to the MidCap 400. Powell Industries Inc. (POWL), a manufacturer of equipment and systems for the management control of electrical energy, will replace Greenhill in the SmallCap 600 index.

Oneok's shares were up 4.4% to $47.88 in after-hours trading. Transatlantic's stock rose 4% to $53 and Greenhill's rose 1% to $75.79. Powell's rose 2.8% to $30.99. The shares of companies joining the S&P 500 often rise because many portfolio managers try to track the index, and thus must buy shares of companies that become part of it.

-By John Kell, Dow Jones Newswires; 212-416-2480; john.kell@dowjones.com

 
 
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