Butterfield Bank had a spectacular week in Bermuda Stock Exchange trading, surging more than 17 percent.

The bank’s shares closed the week at $1.99, up 29 cents for the five days of trading, after it announced a special dividend and a tripling of annual profits on Tuesday. A total of 225,948 of the bank’s shares changed hands.

The bank’s rally was the major factor in The Royal Gazette / BSX Index having its best week in a long time, rising 134.92 points, or 9.5 percent, to close on 1,419.4 on Friday.

BF&M Ltd also had a strong week, gaining 60 cents, or 3.6 percent, to close on $17.25, as 1,000 shares changed hands.

Rival insurer Argus Group Holdings Ltd moved in the opposite direction, falling 34 cents, or 7.8 percent, to close on $4.01.

Butterfield Bank’s eight percent preference shares also traded, with 240 shares changing hands at a price of $1,200.

Just over 251,000 shares traded during the five days and turnover was just shy of $950,000.