Plus500 Buys 23K of Own Shares as Price Continues to Decline

Plus500’s share price has been on a downward trend since the start of the week.

As we approach the end of the working week, Plus500 revealed via a regulatory filing published this Wednesday that it has yet again purchased more of its own ordinary shares, with the latest batch costing the broker around £294 thousand.

In the regulatory filing published today, Plus500 stated that on the 14th of May 2020 it repurchased 23,000 of its own ordinary shares via Credit Suisse Securities (Europe) Limited.

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Overall, the average volume-weighted price paid per share was £12.79. Therefore, Plus500 paid approximately £294,170 for the latest batch of shares bought on Thursday. The highest price paid per share was £12.92 and the lowest price paid per share was £12.65.

Plus500 share price continues to fall

Taking a look at Plus500’s share price, the difference between the amount the Israel based broker paid for shares on Wednesday as compared to Thursday shows a drop in value for the company.

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As Finance Magnates reported, on Wednesday, the London-listed broker repurchased 23,000 of its own shares, as was the case today. But, on Wednesday, the firm paid around £297,967.30 for the batch, as the volume-weighted average price per share was £12.96.

Therefore, due to a drop in Plus500’s share price, which has been falling since Monday, Plus500 paid about £3,797.3 less for the same amount of shares on Thursday of this week.

Plus500 share price
Source: Google

Overall, however, Plus500’s share price has had consistent upward momentum since the 16th of March 2020. The beginning of this rise coincided with the London listed broker revealing that it was benefiting from coronavirus-fuelled volumes in a trading update, which it published on March 16.

As Finance Magnates reported, it has continued to see a significantly increased level of customer trading activity since its last trading update. Specifically, the broker said: “Following the Trading Update issued on 28 February 2020, the Company has continued to see a significantly increased level of customer trading activity alongside strong momentum across all financial and operational KPIs.”

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