Plus500 Slows down Share Buyback, Spends Less Than £400K

As Plus500’s (LON:PLUS) share price inches its way back up to the highs seen in August, the London listed broker has filed the latest details of its share buyback program via the London Stock Exchange Stock Exchange A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin A stock exchange, also known as a securities exchange or bourse represents is a facility where stockbrokers and traders can buy and sell securities.This includes shares of stock, bonds, exchange-traded funds (ETFs), or other financial instruments. By extension, stock exchanges can also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividendsStock exchanges have developed into a permanent fixture in the fin Read this Term (LSE) this Friday, revealing that the firm has once again, purchased thousands of its own ordinary shares.

According to the document seen by Finance Magnates, yesterday on 24th September 2020, Plus500 repurchased 26,250 of its own ordinary shares, each through Credit Suisse Securities (Europe) Limited.

This is notably less than the broker’s average as, overall, the company repurchases between 30,000 and 35,000 of its own ordinary shares and spends close to £500,000 per batch, with the occasional exception. In total, the trading company is planning on repurchasing $67.3 million worth of its own shares in its latest share buyback program.

For its latest batch of shares, the volume weighted average price paid per share by the company was £15.20. Therefore, the broker spent around £398,939.63 for its ordinary shares on Thursday.

The lowest price paid per share was £15.08 and the highest price paid per share by the Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term provider of contracts for differences (CFDs) was £15.38, the document details.

BlackRock Sells Shares in Plus500

Earlier this week, BlackRock, a New York-based asset management company, announced that it had diluted its stake in Plus500 following a sell-off and now holds less the 5 per cent of the brokerage’s shares

The asset manager took a little over 7 per cent stake in the Israel based broker in September of 2018. That decision was made when the broker's shares slumped at around 20 per cent from its record high, which was achieved in August 2018.

However, Plus500 shares have continued to go down, even after the institutional interest, before pivoting to a steady bull run since April last year.