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BSX gets 16% Butterfield boost

Skyrocketing: The Royal Gazette/BSX Index climbed more than 220 points

Butterfield Bank shares surged more than 25 per cent in Bermuda Stock Exchange trading today as the bank launched its $250 million initial public offering on the New York Stock Exchange.

The bank closed up $4.95 at $24.25, as 172,756 shares were exchanged on the BSX after trading of Butterfield shares was suspendeduntil 11.30am in connection with the IPO. Its shares closed at $24.75 in New York.

The huge move in Butterfield shares propelled The Royal Gazette/BSX Index 222.63 points higher, a rise of 16.5 per cent, to close on 1,574.57.

Insurer BF&M Ltd also traded, remaining unchanged on $17.99 as 1,800 shares changed hands.

BSX trading turnover was nearly $4.2 million.

The BSX Insurance Index ended the day up 8.83 points, or 0.54 per cent, at 1,657.81.