Plus500 Repurchases 22.5K Own Shares
The Plus500 share price has been falling since Tuesday this week. As it continues to fall, the online trading provider continues its share buyback program. The broker has announced, via a regulatory filing, that it has purchased 22,500 of its own ordinary shares.
Plus500 purchased 22,500 of its own shares on the 28th of May 2020, each through Credit Suisse Securities Limited. The volume-weighted average price paid per share was £13.07. Therefore, the broker paid around £294,075.
Regarding the latest batch of shares, the lowest price paid per share by Plus500 was £12.94. The highest price paid per share was £13.17, as the regulatory document filed through the London Stock Exchange (LSE) showed.
Plus500’s Share Price on a Downward Trajectory
Plus500 share price has fallen from £13.52 on Tuesday, down to £12:89 this Friday. At the moment, the Israel based broker’s share price has fallen by 1.68 percent.
Overall, the London-listed broker’s share price has been on an upward trend since the 16th of March 2020. The beginning of this rise coincided with the Israel-based broker revealing that it was benefiting from pandemic-fuelled volumes. This announced was in a trading update, which it published on March 16.
News reports say the retail broker first announced its most recent share buyback program on the 12th of February 2020. For this, the company will buy back up to an additional $30 million of its ordinary shares.
This follows the completion of the company’s previous buyback program, in which it repurchased $50 million worth of shares.
The latest share buyback program will run from the 12th of February 2020 up until the 31st of August 2020. However, the program might end earlier. It might, in fact, end on the announcement date of the company’s interim results for those six months ending 30 June 2020.
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