Local stocks made huge gains yesterday hot on the heels of the shareholder approval of the sale of Bank of Bermuda on Tuesday and residents looking for local investments for their cash.

Bank of Butterfield hit a new record all time high of $45.50, up 50 cents or 1.1 percent and Bermuda Commercial Bank gained $1.00 or 10 percent to close at $11.00.

BF&M gained $1.00 or 6.7 percent to $16.00, Bermuda Container Line gained 75 cents or 6.8 percent and Belco gained 75 cents to close at $38.75, a new 52 week high.

This activity pushed up the index by 1.55 percent or 50.32 points to a new all-time high of 3,290.74 on a volume of 16,110 shares worth $568,795.35. No bonds traded.