Plus500 Shares Drop, Broker Repurchases More than 13K Shares

Plus500 continues its latest share buyback program, in which the company plans to repurchase $30 million of its ordinary shares, by purchasing a further 13,577 of its own shares.

In accordance with its share buyback program announced on the 12th of February, Plus500 has bought 13,577 of its own shares on the 23rd of April at a volume-weighted average price of £11.80, therefore, the Israel-based broker spent around £160,208.6 for the latest batch.

Despite the market turmoil, the London-listed broker continued to execute its share buyback program. In particular, this week the broker has repurchased shares each day this week up until Thursday, according to regulatory filings, which are made available one day after the repurchase has taken place.

Therefore, from Monday until Thursday this week, Plus500 has purchased 112,077 shares in total and spent an approximate amount of £1,254,343.60. For the whole week, these figures are likely higher, as any purchase of shares for today has not yet been made public.

Plus500 shares on upward trend since February

Since February, when Plus500 first announced its latest share buyback program, the company’s shares have been on a general upward trend, largely due to the fact that the broker has been benefitting from heightened Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Traders Read this Term in the financial markets as a result of the Coronavirus Coronavirus The outbreak of Covid-19 or Coronavirus in early 2020 has since redefined the financial services industry. Brokers have been forced to quickly adapt to several changes, both positive and negative.This includes the FX industry, which saw surges in volumes across the retail and institutional space in Q1 2020. This trend can be explained by an outflow of volatility, coupled with countries taking major moves to stabilize their respective economies.In conjunction with uncertainty caused by the virus, The outbreak of Covid-19 or Coronavirus in early 2020 has since redefined the financial services industry. Brokers have been forced to quickly adapt to several changes, both positive and negative.This includes the FX industry, which saw surges in volumes across the retail and institutional space in Q1 2020. This trend can be explained by an outflow of volatility, coupled with countries taking major moves to stabilize their respective economies.In conjunction with uncertainty caused by the virus, Read this Term pandemic. Today, however, the company’s share price has dropped.

As Finance Magnates reported, Plus500 achieved strong revenues for the first quarter of 2020. In particular, when comparing Q1 of 2020 revenues, which was $316.6 million, against the same period of the previous year, this is a 487 per cent yearly increase. The latest share buyback program of Plus500 follows the completion of the firm’s previous buyback program, which commenced in August of last year, in which it repurchased $50 million worth of shares. The original announcement of the buyback program came on the heels of a poor set of half-year financial results for the retail broker.