The Bermuda Stock Exchange (BSX) dropped lower yesterday with a flurry of activity in the banking, insurance, media and utilities sectors.

The BSX fell 29.99 points (2.24 percent) to 1,306.5, with 230,700 shares worth $114,883.64 traded.

Butterfield Bank's right issue shares declined 50 percent (two cents) to two cents, with 208,000 shares changing hands.

The bank also transacted 14,400 shares worth $1.30.

Argus Group Holdings Ltd., meanwhile, dipped 16.12 percent ($1.25) to close at $6.50, as 800 shares were traded, while BF&M also transacted 2,000 shares, but its share value held firm at $13.50.

Elsewhere, MediaHouse Ltd. was down 7.69 percent ($1) at $12, as 300 shares changed hands.

In utilities the Ascendant Group Ltd. rose 40 cents (2.85 percent) to $14.40, with 2,200 shares traded, while KeyTech Ltd. transacted 3,000 shares to end the day unchanged at $7.80.

The BSX Insurance Index also dropped 5.05 points (0.5 percent) to 998.