The Royal Gazette/Bermuda Stock Exchange Index dropped 11.40 points yesterday as Butterfield Bank fell. The Index closed at 4,921.94 on thin volume of 8,812 shares worth $367,458.

Butterfield fell 25 cents to $59 on trading of 5,312 shares, offsetting a ten cent rise in Belco shares, which closed at $21.10 on volume of 500 shares.

Argus Group was unchanged at $14.50 on volume of 3,000 shares.