Butterfield Bank shares rallied strongly on both the Bermuda Stock Exchange and the New York Stock Exchange after the bank had reported earnings of nearly $50 million for the second quarter on Tuesday.

On the BSX, Butterfield climbed $1.50, or 3.2 per cent, to a new high of $49 as 3,547 shares changed hands.

The bank’s US-listed shares had an even better day, soaring $3.04, or 6.5 per cent, to reach an all-time closing high of $49.99.

Argus Group Holdings Ltd remained unchanged at $4.10 on the trading of 20,000 shares.

The Royal Gazette/BSX Index gained 67.46 points, or 2.5 per cent, to end the day on 2,798.27.