closed at $1 on a volume 5,130.

Bid and asked were $1 and $2 respectively.

The warrants are part of the bank's recent fully subscribed offering which raised $14.2 million.

In other trading, Bank of Bermuda dropped 75 cents to close at $18.25 on a volume of 4,201.

Bank of Butterfield closed unchanged at $11.625 on a volume of 4,752 while Argus closed unchanged at $11 on a volume of 1,000.

Bermuda Home closed unchanged at $8 on a volume of 498 and BF&M closed unchanged at $6.50 on a volume of 1,188.

The exchange dropped 16.93 points or 1.64 percent to close at 1,016.05.

The share volume was 16,769 with a share value of $159,766.25.

In connection with Belco's reorganisation, the last day of trading for Belco will be tomorrow.

Belco shareholders will receive one share of Belco Holdings for every share of Belco held.

The first day of dealing for Belco Holdings will be Friday.

(Chart on Page 10)