shed some of its gains from last week, dropping 6.45 points to close at 1160 in moderate trading.

Belco shares plunged $1 to close at $20 on volume of 1270, while Telco shares also fell, dropping 50 cents to close at $38.50 on volume of 1400 in the only ordinary share trading for the day.

BF&M 9% preference shares were unchanged at $9 on volume of 500, while Bank of Bermuda 9% notes were unchanged at $107 on volume of 1,000 notes.