The Royal Gazette/Bermuda Stock Exchange Index jumped 51.16 points or 1.06 percent yesterday as the Island's two main utility companies posted gains.

The Index closed at 4,861.44 points in heavy trading, with 38,697 shares worth $1.2 million changing hands.

Belco Holdings led gainers, rising $2 or 8.7 percent to close at $25 on volume of 4,000 shares, while KeyTech reached its 52 week high of $16.25 after rising 70 cents or 4.5 percent as 3,800 shares traded.

The gains offset a decline in the share price of Bermuda Aviation Services, which dropped 25 cents to $6.50 on volume of 15,000 shares.

Butterfield Bank was unchanged at $56 on heavy volume of 13,653 shares, while Bermuda Commercial Bank also held at $9 as just 194 shares traded.

Bermuda Container Line was unchanged at $12 on meagre volume of 50 shares.

Bermuda-based international insurers and reinsurers had a mixed day, with Scottish Re bouncing back 2.05 percent to $5.97 after its shares plunged on Tuesday as ratings agency have the troubled reinsurer a positive outlook.

Renaissance Re posted a 1.67 percent gain to $58.34 while fellow catastrophe reinsurer IPC Re was up 1.09 percent to $30.51.

Ram Re was down 3.02 percent to $13.80 while Arch Capital dropped 1.68 percent to $68.97.