Butterfield Bank and Argus Holdings Ltd. took a big hit on The Royal Gazette/Bermuda Stock Exchange Index (BSX) yesterday.

The bank fell 20 cents (five percent) to $3.80, with 18,641 shares traded, after having its financial strength rating cut to C- from C by Moody's on Friday.

Argus also declined 35 cents (5.07 percent) to $6.55, as 3,500 shares changed hands.

Overall, the Index slid 48.2 points (2.29 percent) lower to 2,054.56, with 22,141 shares worth $94,519 transacted.

The BSX Insurance Index also fell 0.16 points (0.02 percent) to 799.57.