Butterfield shares drop 8% on NYSE
Butterfield Group shares plunged a further $2.71 or 8.26 per cent on the New York Stock Exchange as US banking stocks continued to retreat yesterday.
The Bank’s shares closed at $30.09 on volume of 1,022,014 shares — more than six times its average daily volume.
The drop in value today meant the shares lost 13.8 per cent of their value since the close on Wednesday when the shares were valued at $35.23.
Butterfield shares reached $37.74 in mid-February and have fallen since; they had climbed up from $29.81 in mid-December and have lost all of their gains for the year to date.
US banking stocks broadly retreated for a second day after tech-focused lender Silicon Valley Bank shut down following losses in its bond portfolio. Goldman Sachs and Bank of America fell 4.2 per cent and 0.9 per cent respectively but JPMorgan held onto a 2.5 per cent gain.
On the Bermuda Stock Exchange, no Butterfield shares traded but Argus traded unchanged at $5.75 on volume of 14,887 shares. The Royal Gazette//BSX Index closed unchanged at 2,428.06 on trading of shares worth $85,600.25.
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