The Royal Gazette/Bermuda Stock Exchange Index closed up 22.898 points last week after an up and down week characterised by light trading.

Gains in Butterfield Bank and Bermuda Aviation Services offset weakness in the insurance sector as a total of 38,900 shares worth $1,699,169.75 were traded.

Index bellwether Butterfield, which announced ten days ago that it was establishing a fund administration centre in Halifax, Nova Scotia, ended up 75 cents at $56.25 on volume of 28,560 shares after recording gains on Thursday and Friday.

It was given support by BAS, which closed up 50 cents or eight percent on Friday at $6.75, but saw only 300 shares traded.

Insurers Argus and BF&M, respectively the second and fifth largest companies on the Exchange, both fell.

Argus, which announced on November 16 that it was buying the life and annuity business of Tremont for an undisclosed sum, was down five cents to $12.95 on volume of 4,800 shares.

BF&M, which announced a five percent fall in net income for its first nine months of the year last week, was down $1.50 to $17 on volume of 1,810 shares.

KeyTech was the only other issue to trade, closing unchanged at $15.55 on volume of 1,400 shares.