A drop in the value of insurance company shares was mostly responsible resulted in a 43.42 (0.87 percent) drop in The Royal Gazette/Bermuda Stock Exchange, which ended the day at 4,953.96.

Shares of Argus Group fell 35 cents (2.4 percent) to $14.40 after 21,100 were traded. There was also a fall of $1.25 in the value of BF&M shares which dropped from their 52-week high to settle at $18 as a result of 100 shares being exchanged.

Another decliner was Belco, which lost 80 cents after 540 shares were traded to end at $23.

The only other stock traded was Bermuda Commercial Bank, with 3,800 shares traded but no change to the closing price of $9.

The total number of shares exchanged on the market was 25,540, representing a value of $325,320.