Plus500 Continues Share Buyback, Repurchases 34,000 Own Shares

Plus500 has started off the new month by continuing to repurchase its own shares on a daily basis, with the London listed broker repurchasing more than 30,000 of its ordinary shares on 1st September 2020.

According to a regulatory document filed through the London Stock Exchange (LSE) Plus500 repurchased 34,000 of its ordinary shares of ILS 0.01 on Tuesday, each through Credit Suisse Securities (Europe) Limited.

For its latest batch, the volume weighted average price paid per share by Plus500 was around £14.70. Taking this into consideration, the broker paid around £499,749 all together on Tuesday.

Across the 34,000 shares, the lowest price paid per share by Plus500 was £14.49 and the highest price paid per share was £14.84, the document showed. The Israel based broker’s share price is currently performing quite well, peaking in August, and continuing to gain traction today.

Plus500 Reveals a Series of Changes

In fact, it has been a busy couple of weeks for the FTSE-250 listed broker. As Finance Magnates reported, the firm is planning to expand its operations into physical equity trading, moving the online contracts for difference (CFD) broker into mainstream stockbroking.

In particular, the broker is looking at share dealing. This expansion would put the company in competition with Hargreaves Lansdown and AJ Bell, which are listed companies on the FTSE 100 and FTSE 250, respectively.

In August, Plus500 also dedicated resources to its brand awareness, signing an agreement with the Italian football team, Atalanta Bergamasca Calcio to become its sole and exclusive sponsor.

Under the agreement, the Israel based broker has become the main sponsor for Atalanta B.C. for three years commencing on 1st September 2020. This is the third sports sponsorship announced by the Israel-based broker this year, with the last one announced two weeks prior.