Local stocks made substantial gains last week, driven by rises in the Index's three most heavily weighted stocks.

Ascendant Group Ltd. surged 7.7 percent, BF&M Group skyrocketed 18.6 percent higher and Butterfield bank climbed 3.7 percent.

Ascendant gained a dollar to close the week on $14, as 5,000 shares traded.

Insurer BF&M was the success story of the week's trading, gaining $2.05, as 57,831 shares changed hands. All the trading took place on Friday. On Tuesday, the company announced first-quarter profit of $5.9 million, driven by investment performance.

Butterfield gained five cents to $1.40, as 178,847 shares were exchanged.

The fourth highest weighted stock, Argus group Holdings Ltd., went the other way. Argus dropped 2.9 percent over the four-day trading week after the Bermuda Day holiday, shedding 20 cents to close on $6.75, after the trading of 21,100 shares.

Bermuda Aviation Services Ltd. took a tumble, dropping four percent, or 20 cents, to $4.80-, as 16,400 shares traded.

MediaHouse Ltd. registered a 10.4 percent jump on the trading of just 200 shares.

The Royal Gazette/BSX Index ended the week on 1,331.63, a rise of 45.08 points, or 3.4 percent.

Share volume was close to 290,000 and turnover was $1.37 million.