The Royal Gazette / Bermuda Stock Exchange (BSX) index fell 16 points yesterday as insurer Argus Group Holdings fell for a third successive day.

The BSX dipped 15.97 points, or 0.54 percent, to close on 2,963.80.

Argus fell 25 cents to $7.75 on the trading of 1,300 shares. The 3.1 percent drop meant the insurer has lost more than 20 percent of its market value this year.

KeyTech Ltd., owner of the Bermuda Telephone Company, also tumbled, shedding 25 cents, or 2.4 percent, to close on $10, as 300 shares changed hands.

Butterfield Bank was yesterday's heaviest traded stock, with 12,569 of its shares changing hands as it remained on its 52-week low of $8.50.

Insurer BF&M Ltd. was also unchanged at $17.10, as 62 shares traded.

BSX volume was 14,321 shares and turnover was almost $121,000.