Plus500 Purchases 40K Own Shares, as COVID-19 Provides Boost

Plus500 has revealed via a regulatory filing through the London Stock Exchange (LSE) this Tuesday, that it has purchased more of the company’s ordinary shares this week, despite an increasingly uncertain environment amid the coronavirus pandemic.

In particular, on Monday, the 30th of March 2020, Plus500 purchased 40,000 of its ordinary shares, each through Credit Suisse Securities (Europe) Limited. This is part of the Israel-based broker’s latest share buyback program, which was announced back in February of this year.

Coronavirus gives Plus500 a boost

Although the coronavirus pandemic is bringing a lot of uncertainty to many markets, brokers such as Plus500 appear to be benefiting from the increased market volatility. Earlier this month, the broker announced that the virus was providing a boost to its operations.

Overall, the lowest price paid per share was £9.75 and the highest price paid per share was around £10.30. The volume-weighted average price paid per share was £9.97. Therefore, Plus500 paid around £398,000 for the latest round of shares.

The online contracts for difference (CFD) trading provider said back in February that it plans to repurchase $30 million as part of its share buyback program. The latest share buyback program will run from the 12th of February 2020 up until the 31st of August this year. However, the program might end earlier on the date of the announcement of the Company’s interim results for the six months ending 30 June 2020.

Since the program was announced, many of the company’s top executives have been buying up the company’s shares. As Finance Magnates reported, Alon Gonen, a Co-Founder of Plus500, has purchased millions of pounds worth of the company’s stocks.

Last week, from the 20th of March until the 24th, Gonen purchased approximately £4.63 million worth of the online CFD firm’s shares. This is in addition to the £4.17 million worth of shares he purchased on the 2nd of March, 2020, as Finance Magnates reported.

Gonen is not alone in his efforts to buy Plus500 shares. As Finance Magnates reported earlier this week, the company’s Chief Technology Officer (CTO), Ari Shotland, bought 3,454 shares at a total price of around £27,101.7.

Omer Elazari also purchased more than £1.12 million worth of shares in the past few weeks and Shlomi Weizmann purchased 100,000 shares, worth approximately £941,500.

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