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BSX hits all-time high

Butterfield Bank matched its 52-week high yesterday as it helped to power The Royal Gazette/Bermuda Stock Exchange Index to a high for the year of 3,608.59.

The BSX gained 7.43 points or 0.21 percent to reach its all-time high on volume of 10,280 shares worth 384,064. For the week, the Index rose 35.411 points.

Butterfield Bank, the most heavily weighted stock on the Index, closed up 25 cents to $43.50 on volume of 7,680, offsetting declines in the stocks of Bermuda Press (Holdings) Ltd. and KeyTech Ltd.

Bermuda Press, owners of The Royal Gazette, fell $1.50 from its all-time high to $13 on volume of 500 shares while KeyTech slipped five cents to $10.70 on volume of 1,400. Belco was unchanged at $41 on volume of 700.

the Bermuda Insurance Index, which tracks publicly traded Bermuda-based insurance companies, closed down 2.71 points or 0.24 percent at 1131.33.

On a day on which many financial stocks fell, White Mountains Insurance gained 2.35 points to close at $643.50 and Axis Specialty was up 0.57 points to $30.05.

Scottish Re fell 1.71 percent to $23.55, while ACE was off 1.6 percent to $44.88.

Marsh and AIG, which are not constituents of the fell 0.96 percent to $26.94 and 0.59 percent to $62.30 respectively after The Wall Street Journal reported that a grand jury convened by New York State Attorney General Eliot Spitzer is investigating whether William Gilman, a former top insurance broker at Marsh Inc., helped rig bids for corporate clients and steer business to insurers that paid the brokerage firm special commissions. Employees of ACE and AIG have been implicated in the bid-rigging scandal.