high after Bank of Butterfield was granted an exemption to the 60/40 rule.

The announcement lead to $9.3 million worth of shares and took the index to 75 points over its last all time high achieved after Bank of Bermuda got its exemption.

Bank of Butterfield stocks rose 20 percent or $5.00 during the week, closing at a new all-time high of $29.00. 42,275 of the bank's shares were traded. The bank's 52-week low is $15.00.

The move had a knock-on effect on the Island's two other banks with Bank of Bermuda gaining 5 percent or $2.50 to close at $50.00, $1.00 short of its 52 week high. Bank of Bermuda traded the most during the week -- 161,310 shares.

Bermuda Commercial Bank gained 7 percent or 90 cents to close at $7.00.

There were buoyant conditions in other sectors of the market, with Long Botham Boats, the owners of Henry VIII and the concession at Horseshoe Bay, rising 11 percent or 50 cents to $4.50, a new 52 week high.

BF&M also gained 11 percent or $1.00, taking the stock to a new high since it started trading again of $9.00. BELCO shares also rose 4 percent or $1.00 to close at $24.00.

The index closed at 2,519.68 on a volume of 220,802 shares worth $9,268,839.30.