The Royal Gazette/BSX Index fell by 562.19 points, or 19.79 per cent, to 2,278.45 as it felt the impact of the stunning fall in price of Butterfield Bank shares.

Butterfield dropped 25 per cent on The New York Stock Exchange on Wednesday after it had announced its third quarter earnings the previous evening.

On the local exchange, Butterfield’s shares dropped by $12.50, or 24.8 per cent, to close at $38 — almost matching the NYSE price, of $38.91, which was a slip of 60 cents, or 1.52 per cent on Wednesday’s finishing price.

On the Bermuda Stock Exchange, a total of 250 Butterfield shares traded. There was also trading in 2,148 shares of One Communications, but with no change to the closing price of $3.

The BSX Insurance Index was down 3.1 points, or 0.21 per cent, at 1,469.08.