BF&M Ltd proved to be the big gainers on The Royal Gazette/Bermuda Stock Exchange Index (BSX) after the insurance company announced a one-for-10 stock dividend and increased its cash dividend by 25 percent yesterday.

The company's share price rose by 75 cents (four percent) to close at $19.50, with 3,659 shares traded.

But, the utilities sector did not fare so well, with both BELCO Holdings Ltd. and KeyTech Ltd. dropping by $1.10 (5.2 percent) and $2.25 (15 percent) respectively.

Butterfield Bank also declined by five cents (0.05 percent) to finish on $17.40, with 21,634 shares changing hands.

Overall, the Index was down 62.63 points (1.32 percent) at 4,699.86, as a total of 28,989 worth $508,037.10 traded.

The BSX Insurance Index, however, closed up 1.1 percent at 1,135.36.