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Butterfield shares surge 10%

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

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.