Shares of BF&M Ltd rose 4.3 per cent in Bermuda Stock Exchange trading today in the week that the insurer announced the launch of its first share buyback programme.

BF&M rose 70 cents to close on $17 on the trading of 3,500 shares. The company said on Monday it intends to repurchase 500,000 of its own shares. Chief executive officer John Wight told this newspaper that the board considers the shares are undervalued.

The only other stock to move yesterday was Butterfield Bank, which fell 2 cents, or 1.2 per cent, to close on $1.63 as 12,200 shares changed hands.

There was light trading in Devonshire Industries Ltd and Ascendant Group Ltd, but each stock remained unchanged.

The Royal Gazette/BSX Index fell 3.56 points, or 0.3 per cent, to close at 1,165.92. Share volume was 16,000 and turnover totalled $80,899.25.

The BSX Insurance Index fell 6.92 points, or 0.43 per cent, to 1,611.3.