Shares in telecoms firm KeyTech jumped 45 cents after it was announced US firm Atlantic Tele-Network was seeking to take a 51 per cent share of the business.

The move would see KeyTech, the parent company of Logic, combine with wireless services provider CellOne to create a major market player on the Island, and give KeyTech shareholders a 75 cents per share bonus, providing the deal is approved.

A total of 41,362 KeyTech shares traded, lifting the price to $3, up 17.6 per cent on the day.

The only other stock to trade was Bank of Butterfield, which saw its price go up three cents (1.7 per cent) to $1.78 after 9,900 shares sold.

The Royal Gazette/BSX Index ended up 19.30 points (1.59 per cent) at 1,235.18.

The BSX Insurance Index closed down 12.70 points (0.79 per cent) at 1,589.96.