The busy secondary market in Butterfield Bank's preference shares continued last week - but the bank's common stock plunged almost nine percent.

That dramatic fall weighed on The Royal Gazette / Bermuda Stock Exchange (BSX) Index, which fell 57.26 points, or 2.55 percent last week, to 2,240.27.

Communications company KeyTech Ltd., owner of the Bermuda Telephone Company, enjoyed a good week, gaining 40 cents, or 4.7 percent, to close on $9, as 11,000 of its shares traded.

Energy company Ascendant Group Ltd. made a gain on low volume, climbing 60 cents, or 3.9 percent to $16, on the trading of 575 shares.

Another 576 of Butterfield bank's preference shares changed hands last week, holding the $1,200 price which has given sellers a 20 percent gain on what they paid for the stock last month.

But the bank's common stock slumped 45 cents, or 8.8 percent, to $4.65, as 52,207 shares traded. The shares have fallen 54.9 percent this year to date.

Volume for the week was 75.082 shares. Bermuda dollar turnover was $438,426, while US dollar turnover was $698,758.