The Royal Gazette/Bermuda Stock Exchange Index yesterday slumped more than 1.5 percent as Butterfield Bank and Belco shares fell.

The Index closed down 75.99 points or 1.59 percent to close at 4,803.14 in moderate trading.

Belco plunged &1.95 or 7.8 percent to $23 on volume of 1,600 shares while Butterfield fell 75 cents or 1.3 percent to close at $55.50 on volume of 3,698.

KeyTech was unchanged at $15.55 on volume of 10,000 shares while Bermuda Paint maker Devonshire Industries held at $14.80 on volume of just 100 shares. BAS was unchanged at $6.25 as a meagre 80 shares changed hands.

Total volume for the day was 15,478 shares worth $403,217.50.

The Bermuda Insurance Index closed up 9.35 points or 0.79 percent to 1190.91 as most Bermuda-based insurers and reinsurers had strong days.

Quanta, which released earnings after the market close, was up 1.93 percent to $2.11 and Allied World Assurance, which releases results today, gained 1.48 percent to $41.20.

Axis gained 1.47 percent to close at $33.04 and Ace was up 1.27 percent at $57.42. XL closed up 1.16 percent at $71.48.

Credit guaranty reinsurers Assured Guaranty, Ram Re and Primus all fell on indications that fewer corporations were at risk of defaulting on their bonds.