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Banks lift BSX

Finished higher: shares of Butterfield Bank and HSBC Holdings were the main movers on The Royal Gazette/BSX Index last week

Butterfield Bank’s ten-for-one reverse share split had a major impact on The Royal Gazette/BSX Index last week.

The bank is the biggest constituent on the BSX. The bank is looking at a target price of $22 to $25 per share for its planned initial public offering on the New York Stock Exchange.

Butterfield’s shares climbed $1.80, or 10.2 per cent, to close the week at $19.40, after 2,570 changed hands.

That movement played a big part in the BSX rising 81.52 points, or 6.04 per cent, to close at 1,348.16.

Another rising stock was HSBC Holdings, which improved by 55 cents, or 7.85 per cent, to close at $7.55 after 4,298.

Insurer BF&M edged up 10 cents, or 0.6 per cent, to $17.25 after 200 shares traded, while Argus Group dropped one cent, or 0.2 per cent, to $11.88 after 45,122 shares were exchanged.

A total of 4,200 shares of Ascendant Group were traded during the week, but with no change to the stock’s closing price.

The BSX Insurance Index fell 31.95 points, or 1.89 per cent) to close at 1,655.28.