Log In

Reset Password

BSX weekly turnover tops $5m

Butterfield boost: the unusually high volume in trading of the bank's shares since its New York IPO heightened BSX turnover for a second week

It was a second successive week of unusually high turnover in Bermuda Stock Exchange trading as the impact of Butterfield Bank’s share offering on the New York Stock Exchange on September 16 continued to ripple through the local market.

Turnover for the five days of trading topped $5.39 million, with the majority of that attributable to Butterfield trades.

The bank closed the week down by 75 cents, or 3.1 per cent, at $23.50, after 216,061 shares traded. The stock is settling down somewhat after spiking 25 per cent on IPO day.

On the NYSE, Butterfield closed the week at $24.07.

Investors were also busy trading Argus Group last week — the insurer remained at its 52-week high of $4.05 as 43,315 shares changed hands.

Fellow insurer BF&M Ltd also inched 0.3 per cent higher to a new 52-week high of $18.05 on the trading of 570 shares. It was the first time since December 2014 that the stock had finished above $18.

In the utilities sector, both Ascendant Group and KeyTech traded but closed the week unchanged. Ascendant closed on $6 after 4,200 shares traded, while KeyTech closed on $3 as 8,000 shares changed hands.

Somers Ltd, the parent company of Bermuda Commercial Bank, remained unchanged on $13.75 after 1,600 shares traded.

The Royal Gazette/BSX Index fell 33.27 points, or 2.15 per cent, during the week to close on 1,541.3.