Locals stocks plunged to their lowest level in 11-and-a-half years as utilities company Ascendant Group fell yesterday.

Ascendant fell 50 cents, or 3.6 percent, to close the day on $13.50 as 1,000 shares were exchanged.

On Thursday, Ascendant, the owner of electricity generator Belco, announced a 2.5 percent fall in full-year profit to $19.5 million.

The Royal Gazette / Bermuda Stock Exchange fell 6.7 points, or 0.5 percent, to close on 1,276.39. The last time it closed so low was October 22, 1998.

Most of the Exchange's dramatic fall over the past two years has been attributable to the collapse of the Butterfield Bank share price. Yesterday the bank remained unchanged at $1.35, as 18,000 shares traded.

Interest remains high in the bank's ongoing rights offering, which gives shareholders the opportunity to buy at $1.21 per share. Yesterday, more than 5.4 million rights were traded, as the price closed down a cent at seven cents.

Turnover yesterday topped $455,000.

The BSX Insurance Index of the Island's leading international insurance companies fell five points, or 0.5 percent, to 980 points.