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Ascendant shares surge 59% on BSX

Shares of Ascendant Group Ltd rose nearly 59 per cent in Bermuda Stock Exchange trading.

The shares of Belco's parent company traded for the first time since it announced on June 3 that it had agreed on a $36-per-share sale of the company to Canadian-based Algonquin Power & Utility Corporation. The deal is subject to regulatory approvals.

Ascendant gained $12.95, or 58.9 per cent, to close on $34.95 as 1,000 shares changed hands.

BF&M Ltd also recorded large gains, adding $2, or 13.3 per cent, to close on $17, as 5,000 shares traded.

Argus Group Holdings Ltd was the most heavily traded stock. The insurer dipped six cents, or 2 per cent, to close on $3 as 91,000 shares changed hands.

LOM Financial Ltd also saw 40,000 shares traded and remained unchanged on $2.77.

Among international companies listed on the BSX, HSBC Holdings fell five cents, or 0.61 per cent, to close on $8.10, as 2,500 shares traded.

The Royal Gazette/BSX Index shot up 139.01 points, or 6.21 per cent, to close on 2,377.54.

BSX trading volume totalled 139,500 shares, while turnover was $525,000.

On the New York Stock Exchange, Butterfield Bank's US-listed shares fell 60 cents, or 1.66 per cent, to close on $35.62. It last traded on the BSX at $36.25.

The BSX Insurance Index added 1.73 points, or 0.11 per cent, to close on 1,639.78.

Power trade: a surge in shares of Ascendant Group pushed the Royal Gazette/BSX Index up more than 6 per cent

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Published June 24, 2019 at 6:48 pm (Updated June 24, 2019 at 6:48 pm)

Ascendant shares surge 59% on BSX

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