have given the investor the greatest appreciation over the last twelve months, a Royal Gazette study shows.

Commercial Bank shares gained $5 to increase 71.42 percent in value during the year -- going from $7 on the last day of trading in 1992 to $12 on December 31, 1993.

Bermuda Bakery quietly turned in the second best performance of the year, gaining 43.75 percent to go from $12 to $17.25 during the year.

Bermuda's other bank shares also did well, with the Bank of Bermuda, which split its stock and issued a share dividend during the year, gaining 40.57 percent.

The Bank of Butterfield gained 39.5 percent to close at $34.875, up from $25 at the beginning of the year.

One analyst said Butterfield's gain would have been around 50 percent if it had issued a similar share dividend.

Nine other share listings gained ground over the last 12 months, while six lost value.

During the year, which saw a massive increase in volume after the introduction of daily trading in February, five local companies were newly listed and one was delisted.

If an investor had put together a portfolio of shares based on the components of the Bermuda Stock Exchange Index, the gain in appreciation would have been 25.79 percent as the Exchange gained 239.05 points during the year, from closing at 1165.65.

Commercial Bank -- which also enjoyed a rapid raise in value earlier in the year saw its value increase on the basis of expectations of increased earnings following the purchase of Barclays Bank's stake by local oil magnate Mr. John Deuss.

The two other banks -- the major components of the Exchange index -- registered record earnings during the year and were the most consistently traded issues.

After the banks, Bermuda Telephone Company was the next best performer, gaining 27.5 percent as it went from $30 to $38.25.

Kentucky Fried Chicken, a much sought after stock, gained 25 percent, going from $24 to $32, to take the last place in the top five.

The worst performer of the year was Stevedoring Services, which dropped 30.7 percent to close at $4.50 after opening the year on $6.50.

Bermuda Broadcasting lost $1.50 a share or 22.22 percent to close out the year at $5.25. Much of the loss in value came in the last months of the year.

Bermuda Sun shareholders, who will shortly decide whether or not to merge with Island Press, saw their shares lose 50 cents or ten percent of their value as they fell from $5.50 to $5.

Other shares gaining value were: Belco, up $12.5 percent from $17.50 to $20; Bermuda Press, up 12.5 percent from $7 to $9.25; Bermuda Computer Services, up 5.5 percent from $13.50 to $14.25; Bermuda Aviation Services, up 7.7 percent from $3.25 to $3.50; Argus, up 2.2 percent from $11.25 to $11.50; and Devonshire Industries, up 1.2 percent $9.875 to $10.

Island Press, Island Press 8% preference shareholders and both SAL issues were unchanged during the year.

BF&M lost 6.25 percent, going from $8 to $7.50 while its 8 percent preference shares lost 20 percent falling from $12.50 to $10. Much of the loss came after former parent Bermuda Fire & Marine -- whose shares opened the year at 10 cents -- was put into liquidation and the shares were delisted.

Masters lost 2.8 percent, dropping from $8.75 to $8.50.