returned to the market in droves after very little trading on Tuesday.

The Exchange closed down 8.08 points to 1,165.81 on trading of stocks and bonds worth $703,505. Declining issues outnumbered gainers by a ratio of 2-1.

The Bank of Bermuda, which lost 50 cents on volume of just 77 shares on Tuesday remained at the same level, but on volume of 14,976 in the biggest trade of the day.

BF&M lost 25 cents to close at $6.75 on volume of 1350 while the insurance company's preference shares slipped 12.5 cents to close at $10 on volume of 5500.

Telco lost 12.5 cents to close at $34.875 on volume of 3100.

Bank of Butterfield gained 25 cents to close at $33 on volume of 4,101 while Argus also gained a quarter to close at $10.25 on volume of 4,474.

Bermuda Bakery closed down a dollar to $17.25, but the change was not registered on the Exchange as just 42 shares were traded.

Trading unchanged were: Commercial Bank at $11.875 on volume of 100; Belco, $19.875, 400; and Bank of Bermuda 9% notes, $107.125, 100 units.

Chart -- Page 14