For a second consecutive day, The Royal Gazette/Bermuda Stock Exchange reached a record closing high on massive trading volumes.

The Index of local company stocks closed up 14.12 points or 0.27 percent to 5,188.66 after shares valued at $28.5 million were traded.

Amongst the most active shares were those of Butterfield Bank, which is currently sitting at a 52-week high of $60 reached on Tuesday. Although the bank’s shares did not move yesterday, a total of 470,230 shares changed hands, which was a record, single day volume of trading for the stock.

Belco Holdings Ltd. drove the Index yesterday, rising 80 cents to close at $23.80 on volume of 200 shares.

The market’s perception of the value and success of publicly-owned Bermuda companies is behind the new new record closing highs for the index, according to BSX president and chief executive officer Greg Wojciechowski.

The Index hit 5,174.54, a 1.18 percent rise, on Tuesday with three stocks all reaching their 52-week high on the same day, namely the aforementioned Butterfield Bank, LOM Holdings and Argus Group.

Mr. Wojciechowski said: “The RG BSX Index continues to perform solidly. The increase in the index value is a function of the Market’s perception of the value and success of the publicly owned Bermuda domestic companies that make up the index.

“These results point to the strength and success of Bermuda companies and that the Bermuda domestic capital market continues to develop, providing Bermudians with tangible investment opportunities here at home.”

The Bermuda Insurance Index also did well yesterday, rising 0.97 points to 1254.36 as insurance stocks rose overseas on the back of strong earnings results.

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