shares gained on news of the purchase of LP Gutteridge's insurance businesses.

Argus, which announced it had bought LPG's Commercial Union agency and captive insurance company management business for an undiscolsed price as up 50 cents to $10,50 on volume of 2,000 shares.

The Bermuda Stock Exchange Index closed up 1.88 points to 1,156.99 on volume of 7,802 shares worth $151,719.

In other trading, Bermuda Telephone Co. closed at $33, up 25 cents, on volume of 2,700 shares.

The Bermuda Electric Light Co. closed down $0.25 to $19.75 on volume of 1,500 shares.

Chips was unchanged from Tuesday at $6.50 on volume of 1,500 shares. And Bank of Bermuda stock held at $22 on volume of 102 shares after two successive days of decline.