It was a story of two banks as the more than $12 million-worth of shares changed hands on the Royal Gazette / Bermuda Stock Exchange lifting the index 106.58 points (2.14 percent) to 5,091.49.

After Moody gave favourable a updated financial strength assessment to Butterfield Bank its shares rose $2 (3.5 percent) to $59.50, near the 52-week high for the company.

A total of 201,872 shares were traded, accounting for most of the $12,089,929.50 of stock that changed hands on the Bermuda Exchange.

Bermuda Commercial Bank received a less favourable assessment from Moody’s and its share movement appeared to be a reflection of that sentiment as they lost 15 cents (9.1 percent) in value to close at $1.50 after a total of 700 were traded.

A total of 100 US shares were also traded locally, representing a value of $1,700.