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Butterfield IPO spurs 14.4% BSX rally

IPO launch: Butterfield CEO Michael Collins, centre, flanked by Premier Michael Dunkley, right, and Butterfield chairman Barclay Simmons at the NYSE opening bell ceremony last Friday

The Royal Gazette/BSX Index shot up by 14.4 per cent last week as Butterfield Bank’s initial public offering in New York had positive repercussions for the island’s stock market.

Trading was dominated by Friday’s events, which saw Butterfield shares close at $24.75 in New York, after earlier closing at $24.25 on the Bermuda Stock Exchange.

Butterfield shares rose 25 per cent for the week, the increase entirely attributable to Friday’s trading. BSX trading volume was 206,256 shares and turnover topped $4.48 million — more than $4 million of which was due to Butterfield’s Friday trades.

Ascendant Group and BF&M also had strong weeks as both rose 4.3 per cent and both closed on 52-week highs. Ascendant gained 25 cents to close on $6, while BF&M added 74 cents to reach $17.99.

Argus Group also inched a cent, or 0.2 per cent higher during the week, closing on $4.05.