The Royal Gazette/Bermuda Stock Exchange Index dropped more than 50 points yesterday as Butterfield Bank shares fell.

The Index fell 53.41 points or 1.11 percent to 4,779.23 in moderate trading.

Butterfield was the only decliner, falling $1 to $55 on volume of 12,574 shares.

Both of the Island's listed insurance companies saw activity, with Argus unchanged at $13 on volume of 4,500 shares and BF&M holding at $19 as 1,400 shares changed hands.

Bermuda Paint maker Devonshire Industries Ltd. was steady at $14.80 on volume of 1,000.

A total of 19,474 shares worth $795,045 traded.

The Bermuda Insurance Index closed down 1.12 points to 1,191.12.