Shares of Just Eat Takeaway.com (NASDAQ: GRUB) are up roughly 8.5% in this week's trading. The food ordering and delivery stock is making gains following confirmation that it will be leaving the FTSE 100 index.
The company, which acquired Grubhub this year, is set to be removed from the index on Sept. 20. The exact mechanics of why departing from the index is pushing the stock higher are a little hazy, and it's likely that overall market momentum is also a significant factor in the gains this week. The Nasdaq Composite index is currently up 0.44% on the week.
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Here's Why Just Eat Takeaway.com Stock Is Making Gains