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LOM, One reveal share repurchase details

The Royal Gazette/BSX Index closed unchanged yesterday

The Royal Gazette/BSX Index was unchanged on 2,177.08 as no stocks traded on the Bermuda Stock Exchange.

US-listed shares of Butterfield Bank fell 67 cents, or nearly 2 per cent, to close on $33.59 on the New York Stock Exchange.

Butterfield last traded at $34 on the BSX.

The BSX Insurance Index fell 0.8 of a point to close on 1,621.58.

Two companies, LOM Financial Ltd and One Communications Ltd, announced details of stock repurchases in BSX filings.

LOM said it bought back 120,250 shares at an average price of $2.77 for cancellation during June. The investment firm has 5,751,028 shares of common stock outstanding.

“These stock repurchases demonstrate our confidence in the company and its future and represents our commitment to enhance value for shareholders,” Malcolm Moseley, executive vice-president and chief financial officer of LOM, said.

One said that during June it repurchased 8,176 of its shares at an average price of $3.50 for immediate cancellation.