Plus500, an online trading provider of contracts for differences (CFDs), announced this Wednesday through the news service of the London Stock Exchange that it has purchased more than 16 thousand of its own ordinary shares.
The latest batch of shares was purchased on the 19th of May 2020, in which the broker purchased 16,274 of its ordinary shares, each through Credit Suisse Securities (Europe) Limited.
Overall, the volume weighted average price paid per share was £13.44. Therefore, Plus500 paid around £218,722.56 for the shares. The lowest price paid per share was £13.26 and the highest price paid per share was £13.57.
Plus500 shares rally
Over Friday and the weekend, Plus500’s share price surged, rising from £12.66 on Friday, the 15th of May, and reaching £13.64 this Wednesday at 08:12 (GMT+1), having peaked at £13.77 on Tuesday, which is the strongest share price achieved by the broker in over a year.
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This is the second batch of shares that Plus500 has bought this week, with the Israel based broker buying more of its shares every weekday, as part of its share buyback program which was announced on the 12th of February 2020 and will see the company repurchase $30 million of its shares.
In particular, on the 18th of May 2020, Plus500 bought 22,500 of its ordinary shares, at a volume weighted average price of £13.12 per share, contributing to an overall price of £295,200.
Overall, 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.