The boom -- which saw $6.7 million worth of shares traded -- started two weeks ago when Bank of Butterfield was given an exemption to the 60/40 rule.

Bank of Butterfield and Bank of Bermuda stock both reached record highs, going up $1.50, or five percent, to $31 and $2, or four percent, to $52 respectively.

The bank's good times appear to have had a knock on effect to other stock on the exchange, which saw a further six companies' stock rise. Two fell during the week.

Devonshire Industries gained 50 cents or 7.69 percent to close at $7, Island Press gained 50 cents or 11 percent to close at $5, Bermuda Computer Services rose $3.45 or 57.5 percent to $9.45, Bermuda Container gained $1.70 or 49 percent to close at $5.20 and Watlington Waterworks rose $1 or 50 percent to close at $3.

BF&M lost 75 cents to close at $8.25 and Bermuda Press (Holdings) lost $1.25 or 13 percent at $8.50.

The index closed up 3.37 percent at 2,607.54 on a volume of 142,692 worth $6,701,277.70 and 129,600 bonds worth $124,416.