The Royal Gazette/Bermuda Stock Exchange spiralled six percent lower yesterday, pushed down by the Bank of Bermuda, which ended $5.50 lower as investors took their lead from trading in the company's shares on the Nasdaq.

The index closed down 163.44 points at 2,427.02 on volume of 2,773 shares.

In Bermuda, the Bank of Bermuda's shares closed at $35.50, 13.4 percent lower than when it last traded on Monday and nearly 28 percent off its 52-week high.

On the Nasdaq, shares opened at $37.49 and over the course of the day dropped to $34.84.

The Bank of Butterfield traded up a quarter point at $33.50, while BF&M stock rose 95 cents to close at $11.50.

The Corporation of Hamilton's 8 percent Bermuda dollar bond issue also traded, but was unchanged at $101.