Plus500 Repurchases 22,800 of Own Ordinary Shares

The Israel based broker has spent around £297,768 for the latest batch of shares.

Plus500, an online trading provider of contracts for differences (CFDs), announced this Wednesday through a regulatory filing that it has purchased a further 22,800 of its own ordinary shares.

According to the regulatory filing through the London Stock Exchange (LSE) today, Plus500 repurchased 22,800 of its own ordinary shares on May 5, 2020, at a volume-weighted average price paid per share of £13.06.

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Therefore, the Israel based broker has spent around £297,768 for the latest batch of shares. The lowest price paid per share was £12.91, and the highest price paid per share was £13.20, the document said.

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Plus500 plans to repurchase a total of $30 million of its own ordinary shares as part of its most recent buyback program announced on February 12, 2020. The company expects to complete this by August 31 this year. However, the program might end earlier on the date of the announcement of the company’s interim results for the six months ending June 30, 2020.

Plus500 share price in red

At the time of reporting, the share price of Plus500 is in the red for the day; however, the broker is still continuing its upward trend, having been on a rising trajectory since March 16, 2020.

The beginning of this rise coincided with the Israel based 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 February 28, 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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