on the Bermuda Stock Exchange yesterday, soaring $9.25 in a trade worth more than $800,000.

The trade came as the Bermuda Exchange Index -- of which the notes are not a part -- rebounded by 8.57 points to close at 1168.57 in heavy trading.

The Belco trade saw the notes -- last traded on June 16 -- hit a new high of $105 on volume of 8,000 units, meaning the deal was worth $840,000, one of the highest single trades on the Exchange this year.

Belco executive vice president Mr. Gary Madeiros confirmed Belco was not involved in the trade. He speculated that a local pension fund or large corporate investor had bought the bonds, whoich he said were attractive to investors with the decline in bank deposit yields.

Trading was active elswhere on the Exchange.

The Index's gain was mainly due to a 50 cent jump in Bank of Bermuda shares, which closed at $21 on volume of 1500.

BAS shares gained 37.5 cents to match the year's high of $3.50 on volume of 652.

The gains offset declines in Argus -- down 37.5 cents to $11.25 on volume of 3000 -- and Masters -- down 25 cents to $8.50 on volume of 1300.

Government 6.5 percent bonds dropped 50 cents to $104.50 on volume of 100 units, in their first trade since September 28.

Bank of Butterfield shares were unchanged at $34 on volume of 924.

As previously reported, Bermuda Fire & Marine shares were officially delisted yesterday as the company is now in liquidation.

Exchange table -- Page 16.