The Royal Gazette/Bermuda Stock Exchange index yesterday dipped after Argus Insurance stock lost nearly 10 percent of its value.

While just 363 shares traded, Argus lost $2.50 to close at $23.00. This was offset by Bank of Butterfield, which gained 5 cents to finish at $44.80.

BF&M, which yesterday announced it was to take over Canada Life's Bermuda portfolio, gained 25 cents to close at $15.75, 25 cents shy of its 52 week high.

The index closed down 26.66 points or 0.81 percent on a volume of 10,763 shares worth $409,769. No bonds traded.