Shares of Ascendant Group Ltd surged 10 per cent in heavy Bermuda Stock Exchange trading — just two days after a deadline for bids to take over the company.

The owner of electricity utility Belco gained $2 to close on $22, as 68,840 shares changed hands.

A source informed The Royal Gazette that Monday of this week was the deadline for bids for the company, as the company explores a potential sale. Ascendant has so far declined to comment on the bidding process.

Shares of Butterfield Bank also had a positive day, gaining $1, or 3 per cent, to close on $34 as 300 shares changed hands.

Butterfield’s US-listed shares climbed 17 cents, or 0.5 per cent, to close on $35.06 on the New York Stock Exchange.

Shares of One Communications traded for the third successive day, remaining unchanged on $3.46 as 2,900 shares traded.

The Government of Bermuda’s 4.75 per cent bonds gained $7.50, or 8.3 per cent, to close on $97.50 as eight bonds changed hands.

The Royal Gazette/BSX Index advanced 64.27 points, or 3.1 per cent, to close on 2,139.23.

BSX trading volume totalled 72,040 shares, while turnover topped $1.51 million.

The BSX Insurance Index added 9.71 points, or 0.66 per cent, to close on 1,476.61.