worth of stock change hands and the index reach new heights at 1,774.12.

The boom in shares has come from speculation that the 60/40 ownership rules will be relaxed to allow banks to be exempt from the requirement.

As a result Bank of Bermuda shares have soared to a new 52 week high of $38 -- up another $2.00 or 5.56 percent. Bank of Butterfield rose 11.48 percent, up $1.75 to $17 and after months in the doldrums, even Bermuda Commercial Bank has moved -- going up a remarkable 45 percent in their ordinary shares and 50 percent in their warrants.

The Commercial Bank shares closed up $2.25 at a new 52 week high of $7.25 and the warrants up 25 cents at 75 cents.

In total $3.3 million changed hands in bank stocks. $1.4 million worth of Bank of Bermuda shares, $1.6 million of Bank of Butterfield shares and over $200,000 in Bermuda Commercial Bank.

Other dramatic changes included KeyTech losing $2.25 or nearly seven percent to close at $30.25 and Corporation of Hamilton 8 percent municipal issues losing $5 to close back down at $100.

The only other change was in BF&M stock, which rose 50 cents to close at $5.50.

The index closed up 100.159 points or 5.65 percent on a volume of 183,378 shares worth $3,443,557.35 and 10,000 bonds worth $10,000.

Chart: Page 12 Mutual funds: Pages 12 and 14