The banking sector suffered a bad trading day on The Royal Gazette / Bermuda Stock Exchange yesterday, forcing a drop of more than 50 points on the index.

The Bermuda Commercial Bank saw the biggest decline, tumbling $2, or 22.2 percent, to $7, as 3,000 shares traded.

Butterfield Bank fell 25 cents (2.9 percent) to hit its 52-week low of $8.25, as 1,094 shares changed hands. The bank has seen its market value fall 21 percent this year, after losing 37 percent in 2008.

Insurer Argus Group Holdings Ltd. rebounded from its 52-week low, gaining 25 cents, or 3.2 percent, to close on $8. Argus was also the heaviest traded share, recording a volume of 20,276 shares. The BSX Index fell 54.77 points, or 1.85 percent, to close on 2,900.81. Volume was 24,882 shares and turnover was $200,465.

The BSX Insurance Index of the Island's leading international insurance companies fell 0.5 percent to 761.76.