As the share price of Plus500 continues to fall, the online trading provider continues its share buyback program, with the company announcing via a regulatory filing that it has purchased 22,500 of its own ordinary shares.
On May 28, 2020, Plus500 purchased 22,500 of its own shares, each through Credit Suisse Securities (Europe) Limited. The volume-weighted average price paid per share was £13.07. Therefore, the broker paid around £294,075.
For the latest batch of shares, the lowest price paid per share by Plus500 was £12.94, and the highest price paid per share was £13.17, the regulatory document filed through the London Stock Exchange (LSE) showed.
Did COVID-19 Save the Forex Industry?Go to article >>
Plus500 share price falls
Plus500’s share price has been on a downward trajectory this week, having fallen from £13.52 on Tuesday, May 26, at 09:00 GMT+1, down to £12:89 this Friday at 09:02 GMT+1. At this time, the Israel based broker’s share price has fallen by 1.68 percent.
Overall, the share price of the London-listed broker has been on an upward trend 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, the retail broker first announced its most recent share buyback program on February 12, 2020, in which the company will buy back up to an additional $30 million of its ordinary shares. This follows the completion of the firm’s previous buyback program, in which it repurchased $50 million worth of shares.
The latest share buyback program will run from February 12, 2020, up until 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.