volume improved and the Index recorded its only gain.

The Exchange Index gained 5.51 points to close at 1176.45 on as $125,428 worth of stocks and bonds traded.

The gain was sparked by price improvements by the Bank of Bermuda -- up 12.5 cents to 22.875 on volume of 485 shares -- and the Bank of Butterfield -- up 25 cents to $33 on volume of 100.

Also going up was Bermuda Aviation Services which gained 25 cents on volume of 2381 to close at $3.50 in its first trade since May 3.

Argus closed unchanged at $10 on volume of 2000.

On the bonds side, First Bermuda Securities mortgage-backed notes were unchanged at $100 on volume of 530 units.