eradicating the big gains achieved on Friday.

The Exchange Index dropped 4.03 points to close at 1182.15 in moderate trading.

The Bank of Bermuda lost 25 cents to close at $22 on volume of 4,470 shares.

Belco gained 25 cents to close at $20 on volume of 360.

BF&M was unchanged at $9 on volume of 1,200 while BF&M 9% preference shares were unchanged at $11.875 on volume of 100.