Butterfield Bank shares tumbled four percent yesterday and dragged the local stock market lower. The Royal Gazette/ Bermuda Stock Exchange Index slipped 23.92 points, or 2.1 percent, to close on 1,123.34 yesterday.

Butterfield fell five cents to $1.20, as 6,200 shares changed hands.

Insurer Argus Group Holdings Ltd was the only other domestic issuer to trade. Argus remained unchanged on $5.25 as 2,700 shares were exchanged.

The BSX Insurance Index slid 25 points, or 2.4 percent, to close on 1007.

BSX volume totalled 9,900 shares and turnover topped $27,000.