Tinder Owner Match Will Join the S&P 500. The Stock Is Soaring.

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Match Group owns Tinder and other dating apps.

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Shares in Match Group, the owner of online dating platforms including Tinder and Hinge, rose sharply Tuesday, as the company was slated to become one of the newest additions to the S&P 500 index.

The stock rose 6.65% in New York trading to $158.04 after climbing more than 11% in the premarket session.

Match (ticker: MTCH) will be added to the key U.S. blue-chip index as of Sept. 20, S&P Dow Jones Indices said in a statement on Sept. 3. The shares rose in after-hours trading last Friday following the news.

The company will replace pharma group Perrigo Company (PRGO) in the S&P 500, with Perrigo due to be bumped down to the S&P MidCap 400 later this month.

Match owns a suite of some of the world’s most popular online dating platforms, including Tinder, Hinge, PlentyOfFish, OkCupid, and Match, available globally in more than 40 languages. Shares in the company have climbed more than 45% over the last year but the stock is down around 1% so far in 2021.

Insurance group Brown & Brown (BRO) and Ceridian HCM Holding (CDAY)—which owns human resources software businesses—will be added to the S&P 500 alongside Match. Those two companies trade places with insurance group Unum (UNM)and NOV (NOV)—a provider of equipment and services to the oil and gas industry—which will move to the S&P MidCap 400.

Write to Jack Denton at jack.denton@dowjones.com