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Ascendant shares tumble 10%

All three stocks to trade on the BSX moved lower

Shares of Ascendant Group Ltd tumbled 10 per cent yesterday in Bermuda Stock Exchange trading.

The parent company of power utility Belco fell $2 to close on $18 as 862 shares were traded. For the week, Ascendant shares lost $4, or 18.2 per cent.

The company has invited interested parties to submit takeover bids and has suspended its share repurchase programme for the time being.

BF&M Ltd was the most heavily traded stock on the BSX and shed 45 cents, or 2.9 per cent, to close on a 52-week low of $15.05 as 4,800 shares changed hands.

Bermuda Aviation Services Ltd was another stock to fall, dipping two cents, or 1.3 per cent, to close on $1.50 as 500 shares traded.

The Royal Gazette/BSX Index fell 22.83 points, or 1.04 per cent to close on 2,167.97. BSX trading volume totalled 6,162 shares, while turnover was $89,856.

Over the five-day trading week, the index gained 0.93 per cent, driven by a 4.4 per cent climb for Butterfield Bank and a 30 per cent gain for Polaris Holding Company, parent company of Hamilton docks operator Stevedoring Services.

On Friday, the BSX Insurance Index gained 3.53 points, or 0.24 per cent, to close on 1,470.85.

Butterfield Bank’s US-listed shares added 29 cents, or 0.8 per cent, to close at $36.72 on the New York Stock Exchange, well above the bank’s closing price on the BSX of $35.50.