Shares of Butterfield Bank gained 2.5 per cent in Bermuda Stock Exchange trading.

The bank climbed 75 cents to close on $31 as 926 shares changed hands.

Butterfield’s US-listed shares gained one cent to close on $31.40 on the New York Stock Exchange.

Ascendant Group Ltd, parent company of power utility Belco, was the only other stock to trade on the BSX. Ascendant fell 25 cents, or 0.8 per cent, to close on $31.75 as 700 shares were traded.

Ascendant’s shareholders have approved a $36-per-share takeover offer from Algonquin Power and Utility Corp, a deal now awaiting approval from the Regulatory Authority.

The Royal Gazette/BSX Index climbed 31.32 points, or 1.5 per cent, to close on 2,116.38. Trading volume was 1,626 shares and turnover was $50,931.

The BSX Insurance Index added 10.18 points, or 0.58 per cent, to close on 1,759.49.