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Ascendant shares soar more than 20%

Share price spike: Ascendant, parent company of Belco, shot up 20 per cent on the BSX

Shares of utility Ascendant Group rocketed more than 20 per cent in Bermuda Stock Exchange trading today.

Ascendant, owner of electricity provider Belco, which announced last week that annual profits doubled to more than $14 million last year, rose 84 cents, or 20.4 per cent, to close on $4.95, on the trading of 10,000 shares.

The Royal Gazette/BSX Index closed up 21.57 points, or 1.86 per cent, at 1,183.49.

The Bank of Butterfield closed up 3 cents, or 1.9 per cent, at $1.63 after 4,000 shares changed hands.

The BSX Insurance Index ended the day up 22.69 points, or 1.39 per cent, at 1,655.25.