Local investors gave the Royal Gazette/Bermuda Stock Exchange Index to a record-breaking week as Exchange mainstay Butterfield Bank jumped to its own record high on the back of strong quarterly results.

The Index closed up 148.898 points or 3.17 percent to close at a record high of 4,694.53 with more than $2 million worth of shares changing hands.

Butterfield Bank, which reported on Wednesday that its second quarter net income rose 12.7 percent to $33.9 million, helped to boost the stock $3 or 5.17 percent to $61 per share. The bank also announced it will be issuing a one for ten share dividend in August. Investors traded 14,437 shares during the week.

Utility Belco Holdings rose $1 or 2.5 percent to to close at $41 on volume of 10,380 shares while Bermuda Press (Holdings) ? the owner of The Royal Gazette ? rose 25 cents to close at a record high of $14.50 as 19,500 shares moved.

Bermuda Commercial Bank Warrants gained $1 to close at $1.75 on volume of 2,000 shares, but Bermuda Commercial Bank fell 70 cents to close at $8.25 as investors traded in 1,300 shares.

While no other issues changed price, Argus traded in 4,400 shares to close unchanged at $14.25, BF&M traded in 7,800 shares to close unchanged at $15 and 30,200 KeyTech shares changed hands to close unchanged at $15.50. KeyTech is facing a $205 million bid from Cable & Wireless for the whole company, but its board of directors has rejected it as not being sufficient.

The total value of the shares bought and sold on the BSX last week was $2,223,864.15 and the overall volume of shares was 90,017. Chart:Page 18