The Royal Gazette/Bermuda Stock Exchange index fell almost 50 points as Butterfield Bank and insurer BF&M both fell.

The index closed down 46.54 points to 4,762.26 on moderate volume of 8,218 shares worth $406,364.

Butterfield fell 50 cents to $55 on volume of 7,000 shares while BF&M dropped $1.50 to $17 as 1,218 shares changed hands.