Story
Nordnet Shares Jump Over 6% on SEK 250 Million Stock Buyback Plan
Shares of Nordnet AB, the Swedish online savings platform, climbed more than 6% on Monday after the company announced the launch of a share repurchase program. The plan authorizes the buyback of company stock for a total value of up to 250 million Swedish kronor (SEK).
Program Details
Nordnet stated that the buyback period will commence on September 21 and run until December 23 at the latest. The company intends to cancel all shares acquired through the program, a move that reduces the total number of shares outstanding and can increase earnings per share.
The repurchase plan was approved by shareholders at the company's annual general meeting in April. According to the announcement, Nordnet has appointed Citigroup to manage the buyback transactions independently on its behalf.
AdFinancial Context
Stock buybacks are a common method for companies to return capital to shareholders and can signal management's confidence in the firm's financial health and valuation. The reduction in share count often provides support for the stock price.
Prior to this announcement, Nordnet reported that it held no treasury shares. The company currently has 248.6 million common shares in circulation, according to the source.
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