The Royal Gazette/Bermuda Stock Exchange Index has soared this month, with Exchange chief executive Greg Wojciechowski attributing the gains to heavy trading in Index bellwether Butterfield Bank and the fact that local stocks tend to hold their value.

Last week's trading suggested that other stocks are getting into the action. The Index closed up 22.912 points for the week at a new all-time high of 3,631.50, but Butterfield was unchanged at its own record high of $43.50.

The stock did see price changes during the week before settling at $43.50, and volume was heavy, with 20,570 shares worth about $885,000 trading. That was a little under half of the $1.8 million worth of shares that were traded.

One of the big gainers of the week was BF&M, whose shares have run up strongly this year to their own 52-week high of $15.40, $2.90 above the low for the year. Volume in the stock last week was moderate, with 1,000 shares trading up $1.40 or ten percent.

BF&M announced last week it was selling its captive management operations to HSBC for an undisclosed price.

Fellow insurer Argus, the most highly capitalised issue on the exchange aside from Butterfield and Belco Holdings, has long been one of the Index's best performers. But last week it slipped 25 cents to $26.25 on volume of 13,599 shares.

KeyTech Ltd., Bermuda's biggest telecommunications concern with full ownership in BTC, Mobility and Logic and stakes in Bermuda CableVision and QuoVadis, saw the biggest volume of the week apart from Butterfield, with 42,298 shares trading the shares up five cents to $10.75.

Bermuda Commercial Bank had a big week, gaining $1 or 13.33 percent to close at $8.50. But volume was thin, with just 150 shares trading.

Bermuda Press (Holdings) Ltd., owner of The Royal Gazette, edged up ten cents to $13.10 on trading of 4,100 shares.

Trading unchanged were utilities Belco at $41 on volume of 100 and Watlington Waterworks at $12.50 (another 52-wek high) on trading of 2,000 shares.