Most of the shares, 453,652, were traded as a big block at $27.50 early in the day, a fall of $5.50 or 17 percent in value from Thursday's close. Subsequent trades drove the stock back up to $29, then $30, then to $32. All of the subsequent buying was through the Bank of Bermuda. The large block was sold and bought through Lines Overseas Management Ltd.

The index closed down 21.98 points, or 1.47 percent, to finish at 1,478.62 on a volume of 460,791 shares valued at $12.6 million.