Relative market performance weeks after being either included in or deleted from ASX benchmark indices was the subject of research by Macquarie Private Wealth in 2012 [LINK]. It was found that inclusion generally resulted in SP underperformance, whereas deletion resulted in outperformance. The point was discussed on the AJX forum in March last year [LINK].
The relevant graphic is reproduced below. It appears that 10% outperformance a few weeks after being deleted is normal.
Ann: S&P DJ Indices Announces March Quarterly Rebalance, page-265
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