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Citi, Transocean in Big Index Action

Several stocks moving on index adds today.

Transocean up 8 percent today. Offshore drillers are stronger, but the outperformance is because RIG was added to the Swiss stock index at the close of trading in Europe (11:30am ET) today.

Swiss Life Holdings was taken out, RIG put in, so indexers who track the Swiss indices had to buy RIG at the close, which accounts for the volume spike around 11:30 ET. RIG is headquartered in Switzerland.

Speaking of index adds: Watch the action in Citigroup at the close. Standard and Poor's is doing its standard rebalancing of the S&P 500 to account for stock additions and deletions for the quarter.

Citi is far and away the biggest add, due to the government selling part of its stake. Indexers will have to increase their weighting by about 15 percent for Citi, which means they will need to buy about 329 million shares at the close — that's about a half-day's typical volume.

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