The Plus500 Buyback Continues, Broker Repurchases 33.4K Shares

It’s a brand new day, and that means, Plus500 has purchased yet another batch of its own ordinary shares as part of its latest buyback program, with the broker making a sizeable purchase of 33,400 shares.

According to documents filed through the London Stock Exchange (LSE), Plus500 bought 33,400 of its own ordinary shares, each through Credit Suisse Securities (Europe) Limited, on Thursday the 3rd of September. This marks the fourth day in a row that the broker has bought back some of its ordinary shares this week.

Overall, the volume weighted average price paid per share was around £14.80 for the shares. Therefore, taking into consideration that the Israel based broker bought 33,400, Plus500 spent around £494,156.34 on the 3rd of September.

The latest batch of shares is in line with the recent trend of the London listed broker. In recent weeks, the company repurchases about 30 thousand of its own shares each weekday and spends close to £500,000 for each round.

As Finance Magnates reported, as part of its latest program, the firm plans to repurchase $67.3 million worth of its own shares. It will run from 11th August 2020 up until 28th February 2021. It is possible for the broker to end the program earlier on the date of the announcement of its preliminary results for the year ended on 31st December 2020.

For the shares repurchased on Thursday, the lowest price paid per share by Plus500 was £14.67, and the highest price paid by the broker per share was £14.91, the document showed. 

Plus500 shares move inconsistently throughout the week

So far this week, Plus500’s share price has been all over the place. In fact, it’s been a pretty eventful few weeks for the broker. At the beginning of this week, news hit the press that the firm would be moving into mainstream stockbroking.

On Sunday, the new Chief Executive Officer (CEO) of Plus500, David Zruia, told the news outlet that it is preparing to move into physical equity trading. Specifically, the CEO outlined that the company is looking at share dealing.