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Butterfield shares surge 10%

Shares of Butterfield Bank today rose more than 10 per cent after the bank announced a target price of $22 to $25 per share for its initial public offering on the New York Stock Exchange.

Butterfield, in its first day trading since a ten-for-one reverse share split, closed at $19.40 in Bermuda Stock Exchange trading, up $1.80, as 1,500 shares changed hands.

As the biggest constituent on the BSX, the bank's sharp jump had a huge impact on the The Royal Gazette/BSX Index, which shot up 80.96 points, or 6.39 per cent, to 1,347.60.

The BSX Insurance Index ended the day up 12.50 points, or 0.74 per cent, at 1,691.71.

Big up day: The Royal Gazette/BSX Index rose more than 6 per cent

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Published September 06, 2016 at 8:06 pm (Updated September 06, 2016 at 8:06 pm)

Butterfield shares surge 10%

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