Bermuda Stock Exchange

Ascendant Group shares hit ten-year high

  • Riding high: Ascendant shares rose to their highest level since 2008

Shares of Ascendant Group Ltd hit a 10˝-year high as they gained 4.1 per cent in Bermuda Stock Exchange trading.

The owner of power utility Belco gained 75 cents to close on $19.25 as 31,000 shares changed hands, capping a 10 per cent gain for the week.

Last week Ascendant announced it was “evaluating strategic alternatives” including a potential sale. The company has been buying back millions of dollars worth of its own shares in recent months.

Ascendant was the only gainer on the BSX, as Butterfield Bank fell 25 cents, or 0.7 per cent to close on $34.50 on the trading of 3,425 shares. The bank’s US-listed shares fell 36 cents, or 1.03 per cent, to close on $34.64 in New York.

Argus Group edged one cent, or 0.3 per cent, lower to $3.77 as 6,000 shares changed hands.

One Communications and BF&M also traded but remained unchanged.

The Royal Gazette/BSX Index fell 4.21 points, or 0.2 per cent, to close on 2,145.06. Trading volume totalled more than 42,447 shares, while turnover was more than $754,000.

The BSX Insurance Index fell 22.79 points, or 1.49 per cent, to close on 1,509.26.