The Bermuda Stock Exchange (BSX) plunged to its lowest point for almost 13 years yesterday after Butterfield Bank shares fell more than seven percent.

The Royal Gazette / BSX Index fell 34.87 points, or 2.7 percent, to close on 1,241.52. The last time it was lower was July, 1997.

The bank's share price shed 10 cents to close on $1.25 on the trading of 33,400 shares. The fall brought the price closer to the $1.21 per share price that those participating in the ongoing rights offering will pay.

There was again strong trading in the rights, with more than 2.8 million changing hands yesterday as the price remained unchanged on seven cents.

The rights will stop trading on the BSX on Thursday, while the rights issue will close next Tuesday, May 11.

Watlington Waterworks tumbled $1.95, or 14 percent, to $12, as 910 shares changed hands.

Insurer BF&M Ltd. also had a negative day, falling 60 cents, or 4.4 percent, to close on $13.05, as 1,000 shares were exchanged.

Ascendant Group bucked the trend, rising 50 cents, or 3.7 percent, to $14.

Bermuda Commercial Bank rose 0.5 percent to $9.55, as 600 shares traded.

Turnover in BSX trading yesterday totalled almost $318,000.