Bermuda stocks plunged to levels not seen since July 2000 last week, driven by Butterfield Bank's 30-percent fall.

The Royal Gazette / Bermuda Stock Exchange (BSX) Index fell 235.39 points, or 15.4 percent over the five trading days, to close on 1,529.49.

Butterfield dropped 75 cents to $1.75 in the week that it announced terms of a rights offering that allows eligible shareholders to buy more shares at $1.21 apiece. Trading in the bank was brisk with more than 100,000 shares changing hands.

KeyTech Ltd., owner of the Bermuda Telephone Company, made a significant advance last week, climbing 45 cents, or 5.7 percent, to $8.30, on the trading of 7,100 shares.

Ascendant Group shares were the only others to change value, and fell 15 cents, or one percent, to close on $14.75 as 3,600 shares were exchanged.

Volume for the week was more than 114,000 shares and combined Bermuda and US dollar turnover topped $371,000.