Bermuda Stock Exchange

Ascendant shares hit seven-year high

  • Big moves: Ascendant shares climbed to their highest point in more than seven years, while Somers Ltd gained 14.5 per cent

Ascendant Group Ltd reached its highest closing share price on the Bermuda Stock Exchange since November 2010.

The parent company of power utility Belco, which has shot higher since The Royal Gazette revealed in April it had received a $15-per-share takeover offer from US firm TFC Utilities, rose 30 cents, or 1.9 per cent, to close on $15.80.

The last time Ascendant topped that closing price was on March 11, 2010, when it reached $16.

The biggest gainer albeit on low volume was financial-services holding company Somers Ltd, owner of Bermuda Commercial Bank, which soared $2.15, or 14.5 per cent, to close at a new 52-week high of $16.95 on the trading of 100 shares.

BF&M Ltd also had a good day, advancing 84 cents, or 4.9 per cent, to close on $18, as 600 shares changed hands.

The Royal Gazette/BSX Index gained 23.62 points, or 0.9 per cent, to close on 2,753.46.