yesterday on the backs of significant increases in the share prices of BELCO and the Bank of Bermuda. The index closed at 1,005.87, a rise of 20.36 points.

BELCO was the biggest riser, climbing by $2 to close at $20, with a volume of 3,800.

After being outshone by the Bank of Butterfield last year, the Bank of Bermuda is now in the ascendancy, with its stock rising by $1 to $41 on a volume of 4,779. The Bank's shares have now risen by $3 since the end of 1992.

The Bank of Butterfield's stock, however, is stagnating after its meteoric rise during 1993. Its stock closed unchanged at $27, with a low volume of 3,675.

BF&M Ltd.'s common stock went up by 25 cents to $8.25, with a volume of 999, but its nine percent preference shares dropped by 50 cents to $12.50.

In other trades, Argus Insurance stock had a high volume, at 11,436, but its shares remained the same price at $13.

Also remaining unchanged in value were shares in Bermuda Aviation Services, which closed at $3.25, with a volume of 300, and Masters, which closed at $9.50, with the same volume.

A price of $9 -- $2 above its last traded price -- was bid for stock in Bermuda Press but found no takers.

In all, shares worth $556,711 were traded.