The Royal Gazette/Bermuda Stock Exchange Index dropped 31.81 points yesterday to close at 4,906.59 as Index bellwether Butterfield Bank fell.

Butterfield closed down 50 cents to $56 on volume of 657 shares while KeyTech, which received news last week that Government would oppose a proposed bid for the company, dropped 25 cents to close at $15.50 on volume of 6,900 shares.

Watlington Waterworks offset the decline, rising 50 cents to a 52-week high of $14 on volume of just 200 shares.

Three other stocks traded unchanged: Insurer BF&M ($17.25, 1,800 shares); Bermuda Sun publisher MediaHouse ($6.55, 300 shares); and power group Belco Holdings ($27.50, 2800 shares).

A total of 12,567 shares worth $256,485.50 were traded.