Bermuda stocks marched upwards last week, closing at new highs on Thursday and Friday.

The Royal Gazette/Bermuda Stock Exchange Index gained 109.411 points or 2.78 percent to close at 3,938.81 for the week. Seven stocks advanced and none fell, although the volume of trading was relatively moderate.

The biggest gainer last week was Argus, which jumped $1.81 or 16.2 percent to close at $13 on volume of 2,300 shares.

Argus, which has the highest market capitalisation ? $225 million ? on the Index apart from Butterfield Bank, is trading at 1.86 times book value and has a price to earnings ratio of 14.36.

Belco Holdings, the third largest company on the Index by market cap, also rose, gaining $1.60 or 0.87 percent to to close at $42 on volume of 1,200 shares. KeyTech Holdings rose $1 to close at a 52-week high of $13 as 200 shares changed hands.

Devonshire Industries gained 70 cents or alomost five percent to close at $14.95, just off its 52-week high, on volume of 2,767 shares and BF&M rose 50 cents to close at $17 as investors traded 1,600 shares.

Butterfield Bank rose 20 cents to close at $46.30 on volume of 2,465 shares and Masters gained 25 cents to close at $16.25 as 17,000 shares changed hands.

Bermuda Commercial Bank remained unchanged at $8.95 as 1,000 shares changed hands and LOM traded in 25,000 shares to remain unchanged at $3.

The total value of the shares bought and sold on the BSX this week was $624,099.55 and the overall volume of shares was 53,582.