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BSX Index slides 3.1% as three stocks drop

Shares of Butterfield, Ascendant and Argus Group all fell on the BSX

The Royal Gazette/BSX Index slid more than 3 per cent yesterday, as shares of Butterfield Bank, Argus Group and Ascendant Group all closed lower.

Argus suffered the biggest fall, tumbling 25 cents, or 6.7 per cent, to close on $3.50 as 7,000 shares changed hands.

Butterfield fell $1.50, or 3.6 per cent on light volume, with 300 shares trading, to close on $39.75. The bank’s US-listed shares moved in the opposite direction, climbing $1.02, or 2.57 per cent, to close on $40.74.

Ascendant was the most heavily traded stock, with 15,100 shares exchanged. The owner of power utility Belco fell 50 cents, or 2.4 per cent, to close the day on $20.

The index slumped 77.28 points, or 3.14 per cent, to close on 2,382.71. Trading volume was 22,400 shares while turnover was $338,475.

Twelve shares of the Bermuda Government’s 4.75 per cent bonds also traded, with the price falling 50 cents, or 0.5 per cent, to close on $97.50.

The BSX Insurance Index gained 7.51 points, or 0.49 per cent, to close on 1,525.4.