Takeover target Ascendant Group Ltd gained ground in Bermuda Stock Exchange trading.

The owner of electricity provider Belco rose 50 cents, or 1.5 per cent, to close on $33.50 as 10,000 shares changed hands.

Ascendant is awaiting approval from the Regulatory Authority for a $36-per-share takeover by Algonquin Power and Utility Corp that has been approved by shareholders.

Ascendant was the only stock to trade on the BSX.

The US-listed shares of Butterfield Bank climbed 30 cents, or 1.07 per cent, to close on $28.37 on the New York Stock Exchange. Butterfield last traded at $29.85 on the BSX.

The Royal Gazette/BSX Index gained 4.82 points, or 0.23 per cent, to close on 2,082.3.

The BSX Insurance Index fell 4.27 points, or 0.25 per cent, to close on 1,725.49.