Shares of Ascendant Group rose by nearly 25 per cent as the company announced a special shareholders meeting on August 9 to consider its proposed sale to Algonquin Power & Utilities Corporation.

The company, owner of power utility Belco, gained $5.99 to close on $30, still $6 below Algonquin’s $36-per-share offer, which values Ascendant at about $365 million. Five hundred Ascendant shares traded.

Devonshire Industries Ltd, owner of the Bermuda Paint Company, fell $1.30, or 24.8 per cent, to close on $3.95 as 1,100 shares changed hands.

Insurer BF&M Ltd gained five cents, or 0.3 per cent, to close on $17.05 as 700 shares traded.

The Royal Gazette/BSX Index gained 57.62 points, or 2.71 per cent, to close on 2,187.48.

The BSX Insurance Index fell 2.92 points, or 0.18 per cent, to close on 1,629.32.