after they matched their high for the year. The move helped push the Exchange down, but it remained above the 1200 level.

The bank closed down 50 cents at at $23, on volume of 581 shares.

The drop offset gains by Bermuda Commercial Bank, up 50 cents to $11.50 on vlume of 500 shares.

The Exchange dropped 9.84 points to 1202.77 on volume of 14,765 shares -- worth $170,646.

Also gaining yesterday were BF&M 9 percent preference shares which jumped $1 to close at $10 oin volume of 2500.

Trading unchanged were: Belco at $20.50 on volume of 700 shares, Telco; $35.125 on volume of 484, Bermuda Financial Centre, $9, 5,000 shares; and Argus, $10, 5000.