Plus500 Spends Nearly £500K 

Plus500’s (LON:PLUS) share price starts off this Friday in the green. The broker has provided an update for its latest share buyback program.

Moreover, the company plans on repurchasing more than $60 million of its own ordinary shares.

Plus500 revealed today that it has repurchased 33,000 of its own ordinary shares. Each was bought through Credit Suisse Securities (Europe) Limited, on Thursday 17th September 2020. This shows in a regulatory document published via the London Stock Exchange (LSE)

The London listed broker has been purchasing its own ordinary shares on a daily basis since 11th August 2020. This was when the firm commenced the most recent program.

Plus500’s Average Daily Buyback

Overall, the broker repurchases between 30,000 and 35,000 of its own ordinary shares. It spends nearly £500,000 per batch, with the occasional exception.

On September 17th, the volume weighted average price paid per share by the firm was £14.98. Therefore, Plus500 spent around £494,194.80.

The lowest price paid per share by the Israel based broker was £14.89, according to the document. The highest price it paid per share was £15.14. The company’s share price increased by around 0.3% at the time of publishing.

The Broker Looks to Spending $67.3 Million

Back in August,  Plus500 announced that it would be commencing yet another share buyback program. It also announced back then, its record financial results for the first six months of this year.

In its latest buyback round, the CFD trading provider is planning on repurchasing $67.3M worth of its own shares.

The contracts for difference (CFD) trading provider repurchased $38.9 million of its own ordinary shares. This was in its prior share buyback program.The program concluded during the first half of the year.