The 100,000 share trade was executed at $22.25 -- down 25 cents on Friday's close -- and was followed by a second 289 share trade at $22, helping drive the Exchange Index down 10.71 points to 1,166.47.

Bank of Bermuda 9 percent notes closed down 12.5 cents at $107.25 on 80 units.

In other trading, Bank of Butterfield shares were unchanged at $32.75 on volume of 270 and Telco held at $35 on volume of 500.

The total value of shares and bonds traded was $2,241,281.

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