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Butterfield slips back

Pullback: The Royal Gazette/BSX Index fell 2 per cent as Butterfield slumped

Bank of Butterfield shares today dropped 75 cents to $23.50 in Bermuda Stock Exchange trading.

The fall, equivalent to 3.2 per cent, came after 125,546 shares changed hands and came after a 25 per gain last Friday as the bank enjoyed a successful IPO on the New York Stock Exchange.

In the second day of trading on the NYSE, Butterfield’s shares closed down 25 cents, or 1 per cent, at $24.50.

Utilities firm Ascendant gained 20 cents, or 3.3 per cent, to $6.20 after 4,000 shares sold.

Telecoms firm KeyTech was unchanged at $3 after 8,000 shares moved.

Insurance group Argus was unchanged at $4.05 as 7,000 shares traded.

And Somers Ltd was also unchanged at $13.75 after 1,600 shares changed hands.

The Royal Gazette/BSX Index closed down 31.80 points, or 2.02 per cent, at 1,542.77, as trading turnover topped $3 million.

The BSX Insurance Index ended the day up 0.10 points, or 0.01 per cent, at 1,657.91.