Bermuda Stock Exchange

Butterfield shares surge 13.2%

Shares of Butterfield Bank surged 13.2 per cent on the Bermuda Stock Exchange.

The jump came before the release of the bank’s financial results, which recorded net income of more than $40 million for the first three months of the year.

Butterfield climbed $2.50 to close on $21.50 as 10,000 shares changed hands. The bank’s US-listed shares fell 18 cents, or 0.81 per cent, to close on $22.01 on the New York Stock Exchange.

The only other stock to trade on the BSX was Ascendant Group, owner of electricity utility Belco, which slipped 25 cents, or 0.8 per cent, to close on $30 on the trading of 400 shares.

The Royal Gazette/BSX Index gained 110.03 points, or 7.13 per cent, to close on 1,652.75.

The BSX Insurance Index fell 47.61 points, or 3.81 per cent, to close on 1,201.78.