Shares of Butterfield Bank dropped by $1, or 2.5 per cent, to $39 after 6,047 traded on The Royal Gazette/BSX Index.

Meanwhile, on the New York Stock Exchange, the bank’s shares were up 15 cents, or 0.38 per cent, at $39.52.

The Royal Gazette/BSX Index closed 44.98 points lower, or 1.94 per cent, at 2,269.5.

The BSX Insurance Index was up 36.29 points, or 1.97 per cent, at 1,881.55.

Ascendant Group Ltd, parent company of power utility Belco, announced that it bought back 2,900 common shares during January at an average price of $9.50. The company said the repurchased shares had been reserved for issuance.