Home Broker News COVID-19 Provides Healthy Boost as Plus500 Purchases Another 500k Shares

COVID-19 Provides Healthy Boost as Plus500 Purchases Another 500k Shares

With major corporations struggling to make an impact, brokers are embracing the market instability.

44
0

This Tuesday it was revealed through London Stock exchange by Plus500 that it again purchased the company’s ordinary shares in an uncertain environment due to the pandemic of Coronavirus

The news came out on the 30th of March, Monday that Plus500 had purchased 40,000 shares through Credit Suisse Securities. This is consistent with the latest share buyback program of the Israel based broker which came out in February last year.

Plus500 Gets Boost Amidst the Pandemic

Increased market volatility is proving to be an opportunity for Plus500 as the market uncertainty keeps growing during the Coronavirus pandemic. The highest and lower prices for the shares were £9.75 and 10.30 per share respectively. Hence, the volume-weighted average price came out to be £9.97. The total amount that Plus500 paid accumulated to £398,000.

The contracts for difference trading provider stated that it planned to repurchase shares worth $30m back in February as part of the buyback program. The latest program is reported to last from 12th February to 31st August, 2020. Although this has been the specified date, it could may very well end earlier as well.

The most recent buyback program has seen majority of the top executives purchasing shares of the company. According to a report by Finance Magnates, CEO Alon Gonen purchased further shares worth £2.24m that accounted for 274, 666 shares on the 20th of March. This takes his tally till the 24th of March to a total worth of £4.63m in addition to his £4.17m worth shares bought on the 2nd of March.

Ari Shotland, CTO of Plus 500 purchased the company’s ordinary shares as part of the repurchase strategy. The shares purchased on Thursday 19th March had an average price of £7.37, translating to a total price of £1,002.3 for 136 shares purchased. Similarly, the shares purchased on Friday 20th March had an average price £7.886, translating to a total price of £26, 099.4 for 3,318 shares purchased. Hence, the total for Shotland was 3,454 shares with a total price of £27, 101.7. The transactions were conducted on the London Stock Exchange.

LEAVE A REPLY

Please enter your comment!
Please enter your name here