to close at $21 after losing 25 cents on Tuesday.

Belco's improvement -- combined with continued strong performance by the Bank of Bermuda -- helped drive the Exchange Index up 18.45 points in heavy trading to close at 1,171.62, another new high.

While 1,100 Belco shares were traded, Bank of Bemruda shares jumped 50 cents to close at $23.50 on volume of 5,337. The shares have gained $1.50 since Monday.

Bank of Butterfield stock went up by 25 cents to $27.75 on a volume of 702.

The only stock to go down in value was BF&M 9% preference stock, which dropped by $3 to close at $113 on volume of 14,844.

Remaining unchanged in value was the stock of Argus Insurance, with 2,000 shares changing hands at $11.50 each.

Due to an editing error, an outdated "Local Update'' was run in yesterday's newspaper.

The story should have said the Bermuda Exchange jumped more than 20 points to close at a new high on Tuesday as the Bank of Bermuda shares gained a dollar in value. The Exchange Index closed at 1153.17, up 20.64 on Monday and more than 110 points above its low on May 14.