yesterday, plunging 7.23 points in heavy trading to close at 1150.55.

Bank of Butterfield shares lost $1 on volume of 18,275 shares to close at $321 .

The price fall offset gains by Bank of Bermuda, up 12.5 cents to $20.50 on volume of 11,170 and Commercial Bank, also up 12.5 cents to $11.625 on volume of 300.

Island Press, which announced a $129,000 loss last week and also confirmed plans to merge with the troubled Bermuda Sun newspaper, had mixed results, with its shares dropping 25 cents to close at 45 on volume of 8890 shares while its 8% preference shares jumped $2 to $7 on volume of 100.

The merger proposal would see Bermuda Sun shareholders receive one Island Press share for every 10 Sun shares.

Trading unchanged yesterday were: Bank of Bermuda 9% notes, $107.50, 200 units; and Telco, $38.50, 261 shares.