Bermuda Stock Exchange down in moderate trading yesterday.

Shares in the company -- which had gained almost $5 this year -- closed at $31 after a rare second straight day of trading.

The drop helped force the Exchange Index down 3.78 points to close at 1161.37.

Also falling in the heaviest trading of the day was the Bank of Bermuda which dropped an 1 to close at $227 on volume of 3422 shares.

Belco dropped by the same amount, closing at 197 on volume of 350.

The decline overshadowed the first trade in BDR Ltd. since July 16. The stock -- which shadows the price of ACE Ltd. on the New York Stock Exchange -- gained $6.50 to close at $35.

Trading unchanged were: Argus with 500 shares traded at $11; Bank of Butterfield, 525 shares at $28; Commercial Bank, 800 shares at $10; and Telco, 200 shares at $40.