Shares of fund manager 360 Capital Group (ASX:TGP) rose as much as 7.9% to A$0.68.

This significant intraday percent gain is observed for the first time since August 26, 2022.

The company proposed a buyback of up to 21.9 million securities, which represents approximately 9% of the issued capital.

The on-market securities buyback is anticipated to start after August 24.

This positive market move saw the stock hit its highest level since July 24.

Furthermore, there was a considerable shakeup in share trading, with over 93,000 shares changing hands versus the 30-day average of about 51,000 shares.

Despite this, the stock had fallen 22.2% this year, as of the last close.

360 Capital Group is a prominent fund manager specializing in investment services.