Butterfield Bank shares surged more than 5 per cent in Bermuda Stock Exchange trading today to lift the local stock market.

The bank gained $2, or 5.3 per cent, to close on a new 52-week high of $40, as 3,400 shares changed hands.

Butterfield’s rise on the BSX allowed it to almost catch up with its New York Stock Exchange-listed shares, which fell 12 cents to $40.23.

Ascendant Group dipped on light volume. The parent company of power utility Belco fell 30 cents, or 3.1 per cent, to close on $9.50 as 800 shares traded.

The Royal Gazette/BSX Index ended the day 87.06 points higher at 2,308.47, a climb of 3.92 per cent on the day.

Volume totalled 4,200 shares and turnover was $143,600.

The BSX Insurance Index also reflected gains, with a climb of 15.12 points, or 0.84 per cent, to close on 1,816.94.