Plus500 Shares in the Green, Purchases £296K of Own Shares

As the share price of Plus500 starts off Friday on a mixed footing, the broker has revealed by a regulatory filing that it has purchased a further 23,000 of its own ordinary shares as part of its share buyback program.

Via the statement, the London-listed broker showed that on the 30th of April, 2020, it repurchased 23,000 of its own shares at a volume-weighted average price of £12.89. Therefore, the company has paid around £296,470 for the latest batch of shares.

Plus500 plans to repurchase a total of $30 million of its own ordinary shares as part of its most recent buyback program announced on the 12th of February, 2020. The company expects to complete this by the 31st of August 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.

For the latest batch of shares, Plus500 paid a maximum of £12.995 per share, and a minimum of £12.75, the statement filed through the news service of the London Stock Exchange (LSE), said today.

Plus500 share price

Since the 16th of March 2020, Plus500 shares have been on the rise, increasing from £7.31 and hitting a high of £12.90 on Thursday of this week. At the time of publishing, the company's share price is currently in the green. The beginning of this rise coincided with the Israel based broker revealing that it was benefiting from 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-fuelled volumes, which it announced on the 16th.

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 28 February 2020, the Company has continued to see a significantly increased level of customer trading activity alongside strong momentum across all financial and operational KPIs."