Plus500 Shares Continue Downward Trend, Buys 2.6K Own Shares

The London listed broker repurchased 22,600 of its own ordinary shares.

Plus500, an online trading provider, announced this Thursday that it repurchased a new batch of its own ordinary shares as part of its share buyback program which commenced back in February.

In particular, the London listed broker repurchased 22,600 of its own ordinary shares on the 3rd of June 2020. All of the shares were purchased through Credit Suisse Securities (Europe) Limited.

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The volume weighted average price paid per share was £13.02. Therefore, Plus500 paid around £294,252 for the latest batch of shares. Overall, the lowest price paid per share was £12.71 and the highest price paid per share £13.10.

“The Company will hold the repurchased shares in treasury,” the broker said in the statement. “Following the purchase of these shares, the remaining number of ordinary shares in issue will be 106,100,575 (excluding treasury shares), and the company will hold 8,787,802 ordinary shares in treasury. Therefore, the total voting rights in Plus500 will be 106,100,575.”

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Plus500 share price continues to fall

As Finance Magnates reported, 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.

However, in recent weeks the broker’s share price has been on a downward trend, peaking on the 20th of May at £13.75. At the time of publishing, the share price of Plus500 is £12.94 at 9.12 am GMT+1.

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.

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