Shares of Ascendant Group Ltd surged 13.3 per cent on light volume in Bermuda Stock Exchange trading.

The company, which owns power utility Belco, climbed $4 to close on $34, as 500 shares changed hands.

Ascendant and its shareholders have accepted a $36-per-share takeover offer from Algonquin Power and Utility Corp, a deal which is subject to regulatory approval.

Ascendant was the only stock to trade on the BSX and its jump drove The Royal Gazette/BSX Index higher by 38.58 points, or 2.01 per cent.

The BSX Insurance Index gained 6.91 points, or 0.41 per cent, to close on 1,703.82.

The US-listed shares of Butterfield Bank gained 75 cents, or 2.75 per cent on the New York Stock Exchange. The bank last traded at $27 on the BSX.