68.1 points (5.22 percent) to close at 1,371.82, as 23,306 shares worth $426,673.25 and 13,290 bonds worth $12,895.73 changed hands.

Advancers led decliners four to one. The surge was led by a ballooning in the price of Bank of Bermuda shares, up three dollars to close at $30 (up 11.1 percent) on a volume of 8,513.

Bermuda Bakery dropped $3, on a volume of 450, falling 16.7 percent to $15.

Bank of Butterfield closed up $0.125 at $14.875 after trading of 1,343 shares.

BF&M 9% Conv.Cum. Red. Pref. was up 50 cents to $9.50 after 11,000 traded.

Telco was up $0.125 to $32.125 on a volume of 1,500.