Local stocks gained this week, thanks mainly to a near 20 percent increase in the value of shares of Ascendant Group.

The energy group, which owns electricity provider Belco, jumped $2.95, or 19.9 percent, on the trading of just 170 shares last week.

That helped The Royal Gazette / Bermuda Stock Exchange (BSX) Index to climb 28.85 points, or 1.4 percent, over the five days of trading, to close at 2,064.51 on Friday.

The only two other domestic issuers to change value moved downwards. Butterfield Bank dropped 10 cents, or 2.8 percent, to close on $3.40, as 80,900 shares changed hands. There was also brisk trading in the bank's preference shares, which remained on $1,225 as 676 shares traded.

Insurer and pension provider Argus Group Holdings Ltd. fell 20 cents, or 2.2 percent, to close on $9, as 19,713 shares were exchanged.

Also seeing trading activity involving fewer than 1,000 shares and remaining unchanged for ther week were Bermuda Commercial bank Ltd., BF&M Ltd, Bermuda Aviation Services Ltd. and KeyTech Ltd.

Share volume for the week was 105,910, while combined US dollar and Bermuda dollar turnover was just under $1.33 million.