Twelve million dollars worth of shares in Butterfield Bank were traded on the Royal Gazette / Bermuda Stock Exchange yesterday in the wake of the local bank being given a favourable upgrading of its financial strength by rating agency Moody’s.

The bank’s shares climbed $2 to close at $59.50, near its 12-month high, and drove the Exchange upwards by 106 points.

The big uplift came after Moody’s improved the outlook on Butterfield Bank’s long-term and short-term deposit ratings.

For Bermuda Commercial Bank it was not such a good day. Its ratings have been left unchanged by Moody’s and are “on review for downgrade.” Against that background the bank’s shares slipped 9.1 percent (15 cents) after 700 were traded.

The value of shares in the two banks exchanged on the BSX on Wednesday was $12,089,929. See BSX details on page 12.