Plus500 Shares on the Rise, Driven by COVID-19 Boost

The broker has repurchased a further 33,500 of its own shares.

Although coronavirus might have cast a shadow of uncertainty over many things, it appears to have not had an effect on Plus500’s share buyback program, with the broker announcing this Friday that it has repurchased even more of its shares, as its share price continues to climb.

According to a filing through the London Stock Exchange (LSE), the Israel-based broker has repurchased 33,500 shares on the 16th of April 2020, at a volume weighted average price paid per share of £11.8, bringing the total to around £395,300.

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In this latest round, the lowest price paid per share by Plus500 was about £11.49 and the highest price paid per share was £11.95, the company said.

This purchase follows just one day after the London-listed company purchased 21,317 shares at a volume weighted average price paid per share of £11.76 on the 15th of April 2020 (around £250,688.0 total price).

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“The Company will hold the repurchased shares in treasury. Following the purchase of these shares, the remaining number of ordinary shares in issue will be 106,837,135 (excluding treasury shares), and the company will hold 8,051,242 ordinary shares in treasury. Therefore, the total voting rights in Plus500 will be 106,837,135,” Plus500 said in today’s statement.

Plus500 COVID-19 boost

As reported by Finance Magnates Plus500 is currently thriving, with the coronavirus pandemic providing a boost to its operations, as volatility has caused a surge in trading activity.

In the first quarter of 2020, Plus500 achieved “exceptional Q1 revenues”, according to the company. When comparing Q1 of 2020 revenues, which was $316.6 million, against the same period of the previous year, exceptional might just be the right word, as this is a 487 per cent yearly increase.

Because of this solid performance, Plus500 shares have been on the rise since the middle of March this year, rising from GBX 731.20 on the 16th of March, to GBX 1162.50 as of the 16th of April, 2020.

Plus500 share price
Source: Google
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