Butterfield shares drop almost 7% on NYSE as bank stocks fall
Butterfield Bank shares plunged $2.42, or almost 7 per cent, on the New York Stock Exchange today on heavy volume of 290,000 shares.
The bank’s share price tumbled with the rest of the banking sector, which was rocked by problems at Silicon Valley Bank and nervousness about further interest-rate hikes.
Butterfield closed at 32.80, down 6.87 per cent and its lowest price since February 10 on the NYSE. The stock also fell on the Bermuda Stock Exchange, falling 1.14 per cent to $34.50 on volume of 500 shares.
Argus shares traded at a volume of 1,500 finishing at $5.75, down 0.9 per cent.
The Royal Gazette/BSX Index closed down 25.62 points (1.04 per cent) at 2,428.06 with 2,000 shares trading hands at a value of $25,925.
Of those shares, 500 were from Bank of N T Butterfield finishing at $34.50, down 1.14 per cent.
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