More than $3 million worth of shares traded last week on the Bermuda Stock Exchange, with a huge amount of Bank of Butterfield shares - over 60,000 - changing hands.

But the bank shares lost some ground, 35 cents to finish at $44.15, down on the all time high of $45 reached this year.

The only other stock in the banking sector to trade was Bermuda Commercial Bank warrants, which gained ten cents or 20 percent on their worth to finish at 60 cents.

Bermuda Bakery lost $3 to close at $33 in a week when there was an announcement that the company's general manger, John Massa, had to step down due to health reasons and said it was not going to announce a dividend payment. Earlier in the week, the Bakery, which is continuing its commercial baking operations, jumped to an all-time high of $40.

KeyTech, the owners of BTC and Logic, gained 20 cents to finish the week at $11.70.

The index closed down 7.331 points or 0.25 percent at 2,969.70 on a volume of 78,878 shares worth $3,122,166.25.

The Bermuda Insurance Index gained 11.88 points or 1.1 percent fopr the weekj to close at 1095.3 as Bermuda-based isurers performed well on USexchanges.

XL Capital, which reported it wqould take massive charges on its fourth-quarter earnings, ended the week down 21 cents 78.94.

AXIS Capital led all gainers with a rise of $1.55 or 5.27 perent top close at $30.95.