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Local Update Three issues closed down, three gained and two traded unchanged as the Bermuda Stock Exchange dropped 5.22 points or .51 points to close at

Bermuda Commercial Bank dropped 37.5 cents to close at $5.75 on volume of 1,265 while the bank's rights dropped 25 cents to close at 75 cents on volume of 13,894.

Bank of Butterfield dropped 25 cents to close at $11.50 on volume of 1,278.

Telco gained 50 cents to close at $37.75 on volume of 2,950 while Hemisphere preferred gained 25 cents to close at $6 on volume of 1,155.

Bank of Bermuda warrants gained 12.5 cents to close at $3.125 on volume of 3,043.

Bermuda Home preferred closed unchanged at $12 on volume of 977 while Bermuda Press Holdings closed unchanged at $8 on volume of 4,224.

Share volume was 28,786 with a value of $208,007.63.