Butterfield Bank shares plunged nearly eight percent on low volume as local stocks had a down day.

The bank fell 40 cents, or 7.8 percent, on the Bermuda Stock Exchange (BSX), to close on $4.75, as 3,032 shares traded.

Five Butterfield Bank preference shares also traded yesterday, with the price remaining at $1,200.

The only other stock to trade was Ascendant Group, owner of energy companies including Belco, which was unchanged on $16 after 44 shares changed hands.

Butterfield's fall cost The Royal Gazette/BSX Index a fall of 69.89 points, or three percent, to 2,257.74.

Volume was 3,076 shares and turnover was $15,084.

The BSX Insurance Index slid 12.19 points (1.51 percent) to 793.72.