A spike in the value of Butterfield Bank and KeyTech shares enabled The Royal Gazette/BSX Index to climb 7.8 per cent last week.

The bank’s shares gained $4, or 16 per cent, during the five days of trading, to close on $29, as 8,951 shares traded.

On the New York Stock Exchange, Butterfield shares closed at $29.52 on Friday.

The bank’s shares have rallied strongly this year particularly since the initial public offering at a $23.50 target price on September 16. Most banking-sector stocks have risen in recent days on expectations of higher interest rates, which help banks to make more money.

Telecommunications firm KeyTech also enjoyed a powerful bounce last week, gaining 35 cents, or 14 per cent, to close on $2.85, as 28,100 shares traded.

Ascendant Group, owner of power utility Belco, fell 18 cents, or 2.6 per cent, on the exchange of 200 shares.

The Royal Gazette/BSX Index ended the week at 1,774.38, up 138.45 points for the week. BSX trading volume totalled 67,691 shares, while turnover topped $568,000.