Local stocks rose 1.1 percent last week, thanks entirely to a climb in Butterfield Bank shares.

The bank rose 20 cents, or 4.2 percent, to $5 on the Bermuda Stock Exchange, as 94,264 shares changed hands.

Butterfield's common shares have been battered through the financial crisis and even after last week's climb, they are down 51 percent in 2009.

But a return to profit in the second quarter, when the bank made $10 million, may have helped to restore some investor confidence.

There was also further trading in Butterfield's preference shares last week, which remained unchanged on $1,225 as 120 shares traded.

Butterfield's rise allowed The Royal Gazette/BSX Index to climb 24.85 points to 2,279.25 over the five trading days, despite the fact that the three other movers on the BSX all declined.

Watlington Waterworks Ltd. saw the biggest fall, losing almost a quarter of its market value. The company fell $3.45 to close on $10.55 as 3,000 shares traded.

Devonshire Industries Ltd. slumped 95 cents, or 6.8 percent, to $13, as 200 shares changed hands.

Meanwhile BF&M Ltd. dipped 20 cents, or 1.3 percent, to $15.25 on the trading of 4,500 shares. Fellow insurer Argus Group Holdings Ltd. also traded 6,000 shares and remained unchanged on $8.

Telecommunications group KeyTech Ltd. was also unchanged on $8.50, as 1,607 shares traded.

Bermuda dollar share volume for the week was 109,571 and turnover was $628,857. US dollar volume was 4,235 shares valued at $190,488.