Bermuda Stock Exchange

Ascendant shares gain 3.1% on BSX

Shares of Ascendant Group Ltd gained 3.1 per cent on the Bermuda Stock Exchange.

The owner of Belco climbed 90 cents to close on $29.90 as 12,146 shares changed hands.

Ascendant has agreed a $36-a-share deal to be taken over by Canadian firm Algonquin Power and Utility Corp. Shareholders backed the deal in August and the company is awaiting approval from the Regulatory Authority.

Butterfield Bank, the only other stock to trade on the BSX, fell $1, or 2.9 per cent, to close on $33, as 3,332 shares changed hands. The bank’s US-listed shares moved in the other direction, gaining 26 cents, or 0.78 per cent, to close on $33.49 on the New York Stock Exchange, where 128,592 of its shares were traded.

The Royal Gazette/BSX Index fell 36.29 points, or 1.61 per cent, to close on 2,217.02.

BSX trading volume totalled 15,478 shares, while turnover was $473,103.

The BSX Insurance Index fell 6.05 points, or 0.36 per cent, to close on 1,679.56.