Butterfield Bank shares fell 1.2 percent yesterday, dragging local stocks lower.

Having started the week with a 7.6 percent fall on Monday, Butterfield added to its slump, falling five cents to $4.20 on the trading of 21,600 shares.

While the bank's common shares have suffered, Butterfield's preference shares continued to trade in a brisk secondary market.

Yesterday 149 preference shares changed hands, at $1,200 apiece.

The unchanged price means they are still valued 20 percent above the price at which the bank initially issued them in order to raise $200 million in capital last month.

Butterfield was the only domestic issuer to trade on the Bermuda Stock Exchange yesterday.

The Royal Gazette/BSX Index fell 8.74 points, or 0.4 percent, to close on 2,162.55.

Bermuda dollar turnover was $90,900, while US dollar turnover totalled $192,949.

The BSX Insurance Index, however, rose 56.25 points (7.08 percent) to 849.97.