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Ascendant shares plunge 20%

Shares of Ascendant Group Ltd plunged 20 percent in Bermuda Stock Exchange (BSX) trading.

The owner of electricity company Belco saw its shares close at $8 — down by $2. The massive move knocked more than $20 million off the company's market capitalisation, although it occurred through the trading of 1,742 shares — worth only $13,936 at yesterday's closing price.

Butterfield Bank remained unchanged on $2, although its shares were active, with 41,436 changing hands.

KeyTech Ltd was also unchanged on $5.40 after 9,200 of its shares traded.

The Royal Gazette/BSX Index closed on 1,403.38, down by 17.33 points, or 1.22 percent.

Volume topped 52,400 shares and turnover totalled more than $147,000.

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Published March 12, 2014 at 9:29 pm (Updated March 12, 2014 at 9:29 pm)

Ascendant shares plunge 20%

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