The Index closed at 1,159.81 -- down 17.37 points.

The largest volume of stocks was traded in the banking sector by the Bank of Bermuda.

The bank's stock closed at $22 -- down 50 cents from its position at the close of the previous week. The stock experienced heavy trading of 156,316 shares.

The Bank of Butterfield's stock closed at $32.50 -- down 25 cents on the previous week's closing price. It traded a weekly volume of 58,129 shares.

In the insurance sector, Argus Insurance Company closed at $9.75 on a volume of 594. BF&M closed at $6.25 on a weekly volume of 42,553, and its nine percent preference stock closed at $9.50 on a volume of 15,478.

Utilities, Belco and Telco both traded at far higher volumes than the previous week.

Belco closed the week at $201/8, experiencing a weekly volume of 96,368, and Telco at $35, saw a volume of 10,500 shares traded.

A total of 378,995 shares were traded, worth $8,029,747. A total of 530,600 bonds, valued at $542,944, were traded.

The total value of stocks and bonds traded during the week was $8.5 million.