It’s brand-newew day, and that means, Plus500 has purchased yet another batch of its own ordinary ares as part of its latest buyback program, with the broker making a sizeable purchase of 33,400 ares.
According to documents filed through the London Stock Exchange (LSE), Plus500 bought 33,400 of its own ordinary ares, 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 ares this week.
Overall, the volume weighted average price paid per are was around £14.80 for the ares. 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 ares is in line with the recent trend of the London listed broker. In recent weeks, the company repurchases about 30 thousand of its own ares 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 ares. 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 ares repurchased on Thursday, the lowest price paid per are by Plus500 was £14.67, and the highest price paid by the broker per are was £14.91, the document owed.
Plus500 ares move inconsistently throughout the week
So far this week, Plus500’s are 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 PluCrew 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 are dealing.