cents to close at $39.50 on volume of 1,769. The Exchange Index closed at 1,189.35 -- a drop of 1.4 points -- in active trading.

Trading unchanged were: Bank of Butterfield, which closed at $32, with volume of 5,981; Bermuda Commercial Bank, $10.50, 300; Argus Insurance, $11, 1,000;and Belco, $20, 1,845.

Shares worth $1.031 million and no bonds were traded last week.