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Ascendant shares trade on BSX

The Royal Gazette/BSX Index gained 1.83 per cent for the week

Ascendant Group Ltd was the only stock to trade on the Bermuda Stock Exchange.

The parent company of power utility Belco closed unchanged on $20 as 8,000 of its shares changed hands.

The company has been reviewing strategic options including a potential sale. The Royal Gazette understands that Monday is the deadline for first-round bids from prospective buyers.

The Royal Gazette/BSX Index closed unchanged on 2,205.48. For the week, the index gained 40.48 points, or 1.83 per cent, driven by a 2.6 per cent gain for Butterfield Bank over the five days of trading.

On Friday, Butterfield’s US-listed shares slid $2.64, or 7.34 per cent, to close on $33.32 on the New York Exchange, amid broad market losses for the banking sector as bond rates dipped.

The BSX Insurance Index gained 0.77 of a point to close on 1,461.64.