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Plus500 Slows down Share Buyback 

Plus500’s share price is making its way back up to the highs seen in August. It has filed the latest details of its share buyback program via the London Stock Exchange (LSE) this Friday.

This reveals that the London listed broker has once again, purchased thousands of its own ordinary shares.

Yesterday, 24th of September 2020, Plus500 repurchased 26,250 of its own ordinary shares, each through Credit Suisse Securities Limited. This was according to the document seen.

This is less than its average as it repurchases between 30,000 and 35,000 of its own ordinary shares.  Moreover, the firm spends close to £500,000 per batch, with the occasional exception.

In its latest share buyback program, the company is planning on repurchasing $67.3 million worth of its own shares.

The volume weighted average price paid per share by the company was £15.20 for its latest batch of shares. Therefore, the Plus500 spent around £398,939.63 for its ordinary shares on Thursday.

The document details that the lowest price paid per share was £15.08. Furthermore, the highest price paid per share by the online trading provider of contracts for differences (CFDs) was £15.38.

 

BlackRock Asset Management Sells Shares in Plus500

BlackRock, a New York-based asset management company, earlier this week, announced that it had diluted its stake in Plus500. This followed a sell-off and now holds less 5% of the brokerage’s shares.

The asset manager has taken a little more than 7% stake in the Israel based broker in September of 2018. This was made when the broker’s shares slumped at around 20% from its record high, achieved in August 2018.

However, Plus500 shares have continued to decline, even after the institutional interest.  Then it pivoted to a steady bull run since April last year.



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