Jumps in the share prices of Butterfield Bank and BF&M Ltd drove The Royal Gazette/BSX Index higher.

Insurer BF&M was the biggest climber, gaining 35 cents, or 2.1 per cent, to close on $16.95 as 5,000 shares changed hands.

Butterfield climbed 30 cents, or 0.6 per cent, to close on $48.50, as 1,743 shares traded.

In New York, Butterfield’s US-listed shares gained 23 cents, or 0.47 per cent, to $49.08 as rising interest rates helped most bank stocks advance.

One Communications Ltd saw 11,600 shares changed hands and remained unchanged on $2.88.

The index added 16.17 points, or 0.6 per cent, to close on 2,697.3.

The BSX Insurance Index climbed 12.57 points, or 0.7 per cent, to close on 1,855.36.