BERMUDA International Airport was largely unaffected by the war yesterday and the Bermuda Electric Light Company was not expecting its supply of oil to be threatened as a result of conflict in Iraq.

But one local financial company suggested the war could offer a beneficial spin-off for those looking to invest in the stock market.

Airport operations general manager James Howes said yesterday afternoon that no Bermuda flights had been cancelled and passenger numbers appeared to be normal.

"We are monitoring the situation on an hour-by-hour basis," said Mr. Howes. "We are in constant communication with the security departments in both the UK and the US, as well as Government House.

"We are taking the appropriate security steps. Normal schedules have been running.

"I won't have the passenger numbers for today (yesterday) until tomorrow morning, but to date bookings have been normal."

Belco spokesperson Linda Smith said the island's electricity supply was not at immediate risk from any disruption to the global oil supply that may result from the war in the Middle East.

"Obviously, we've been watching carefully what's been going on in the world," said Ms Smith. "Our oil tanks are now full."

She added that the company was not anticipating any problems with its supply of oil, which came from Trinidad.

For Bermudians looking to invest in stocks, the war presented opportunities, according to Antoinette Bolden, of the Emerald Financial Group.

"Whether the markets agree with what's going on or not, they like certainty," said Mrs. Bolden. "So the markets have been buoyant since war was announced.

"If it's a short war then I'm sure the bull market would happen more quickly and even if the war is protracted, I don't think the effect on the markets would be negative as long as action is being taken. If the protraction breeds uncertainty, it could be different."

The post-war environment would offer major investment opportunities, added Mrs. Bolden.

"When the war's over, Iraq will have to be rebuilt and there could be big contracts for people who make cranes and earthmovers, like Caterpillar, and also building contractors.

"There is real value on the market at the moment and now is the time to take advantage of it."

Yesterday, Emerald launched a new Internet-based stock investment strategy service, called wellinvested.