Retail FX and CFDs broker Plus500 hit another milestone in its latest share buyback program, topping $10 million in open market (re-) purchases of its own stock on September 10 (see details below).

Plus500 announced a planned $67.3 million share buyback concurrent with reporting record first half results in early August, as part of its plan to return profits of $320 million in 1H-2020 to shareholders in a tax-friendly manner. (The company also announced a $101 million dividend payment in July).

Plus500 has been fairly methodical in its share buyback, purchasing about 33,000 shares daily through Credit Suisse.

We had reported that Plus500 share buybacks totaled $5.25 million in August, and now Plus500 has passed the $10 million mark a third of the way into September. Plus500 has until the end of February 2021 to complete the current buyback program.

Shares of Plus500 (LON:PLUS) have barely budged during the buyback period, trading in a fairly tight range between 1460-1480p. The average price paid so far by Plus500 has been 1477p.

The purchases have been made as follows:

Date  Shares   Price (p)   Total (£)   Total ($) 
11-Aug                   4,119             1,286.71                 53,000                 68,899
18-Aug                   5,313             1,518.00                 80,651              104,847
19-Aug                 25,700             1,548.17              397,880              517,244
20-Aug                 33,000             1,476.63              487,288              633,474
21-Aug                 34,000             1,442.14              490,328              637,426
24-Aug                 33,000             1,487.88              491,000              638,301
25-Aug                 32,000             1,475.79              472,253              613,929
26-Aug                 33,500             1,451.56              486,273              632,154
27-Aug                 32,500             1,470.07              477,773              621,105
28-Aug                 33,000             1,460.44              481,945              626,529
1-Sep                 34,000             1,469.85              499,749              649,674
2-Sep                 32,750             1,490.93              488,280              634,763
3-Sep                 33,400             1,479.51              494,156              642,403
4-Sep                 33,750             1,479.06              499,183              648,938
7-Sep                 33,500             1,489.32              498,922              648,599
8-Sep                 33,850             1,476.17              499,684              649,589
9-Sep                 33,650             1,485.39              499,834              649,784
10-Sep                 33,000             1,480.50              488,565              635,135
Totals              534,032             1,476.83           £7,886,762       $10,252,791