Butterfield Bank shares pulled back 2.2 per cent in the last trading week of 2016 to pare strong gains for the year.

The same was true for The Royal Gazette/BSX Index, which closed the year with a 48 per cent gain, helped by Butterfields more than 60 per gain for the year.

For the week, the index fell 38.71 points, or 2.01 per cent. Trading volume was 123,823 shares, while turnover topped $657,000.

Butterfield closed the three-day trading week after Christmas on $31.30, having fallen 70 cents as 7,315 of its shares changed hands. Its shares on the New York Stock Exchange ended the year at $31.44. Two other stocks also pulled back during the week.

Argus Group Holdings Ltd was the biggest faller of the week, slumping 35 cents, or 7.3 per cent to $4.40, as 14,300 of the insurer’s shares were traded.

Bermuda Aviation Services Ltd also dipped 5 cents, or 1.5 per cent to end the week on $3.20, on the unusually high volume of 100,000 shares.

Watlington Waterworks Ltd also traded, but remained unchanged on $20.25 as 2,000 of the utility’s shares changed hands.