The Royal Gazette/Bermuda Stock Exchange Index dropped 15.46 points to 4,911.24 yesterday in moderate trading.

The Butterfield Bank fell 25 cents to $59 on volume of 7,406 shares and Bermuda Aviation Services also slid 25 cents or 3.7 percent to $6.50 on volume of 5,000 shares.

Offsetting the declines were Bermuda Commercial Bank Warrants, which rose 50 cents or 40 percent to close at $1.75 on volume of 4,000.

Trading unchanged were Devonshire Industries at $14.80 on trading of 1,600 shares and Bermuda Container Line at $13.50 on volume of 1,000 shares.

The Exchange saw a total of 19,006 shares worth $513,694 traded.