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Ascendant shares surge 20%, BF&M up 14%

The Royal Gazette/BSX Index was down more than 4.5 per cent over the trading week

Shares of Ascendant Group Ltd surged 20 per cent amid heavy trading on the Bermuda Stock Exchange.

The company, which owns power utility Belco and which is considering bids from prospective buyers, rocketed $3.70 to close at its 52-week high of $22 as 37,300 shares changed hands.

Shares of BF&M Ltd also recorded a double-digit percentage rise, gaining $2.10, or 14.1 per cent, to close the week on $17, as 6,200 shares traded.

Butterfield Bank took a tumble, sliding $1.90, or 5.4 per cent, as 300 shares were traded.

On the New York Stock Exchange, Butterfield’s US-listed shares fared almost as badly, dipping $1.41, or 4.1 per cent, to close on $33.02.

The Royal Gazette/BSX Index fell 33.69 points, or 1.57 per cent, to close the week on 2,113.28. For the week the index was down 4.58 per cent, driven by an 8.1 per cent fall in Butterfield’s share price.

BSX trading volume totalled 43,800 shares, while turnover was $872,005.

The BSX Insurance Index gained 5.16 points, or 0.33 per cent, to close on 1,591.44.