But Bermuda Commercial Bank stock continued its rise following the announcement on Tuesday of its exemption from the 60/40 ownership rule. BCB stock rose 12.8 percent or $1.05 to close at a new 52-week high of $9.25.

BCB warrants gained 150 percent for the second day running, closing up 75 cents at $1.25 with 51,125 traded. This follows the announcement that the warrants will be extended by a year to the end of May 2002.

Bank of Bermuda lost one percent or 50 cents to close at $52 and Bank of Butterfield lost 2.2 percent or 65 cents to finish at $29.50.

The only other stock traded was Belco Holdings, which lost $1.75 or 4.1 percent to close at $40.75.

The Royal Gazette/Bermuda Stock Exchange Index closed down 27.34 points or 1.05 percent at 2,582.41 on a volume of 74,270 shares worth $952,818.75.