The Royal Gazette/Bermuda Stock Exchange Index closed down 22.62 points to close at 3,307.60 on Thursday in heavy trading of Butterfield Bank shares.

Butterfield closed down 50 cents or 1.2 percent to close at $41.50 on volume of 25,306 shares.

The only other issue to trade was Belco Holding, which was unchanged at $42 on volume of 600 shares,

A total of 25,906 shares worth $1,087,100 were traded.

The Bermuda Insurance Index closed down 7.32 points to 1,078.03.