Three big movers; Wesfarmers, Global Lithium & Magellan Financial
The Australian market started the week in the red, closing Monday’s session down 0.22% at 7278.50 points as a sell-off in gold and industrials stocks outweighed a surge in tech stocks.
The stocks that made headlines today were:
Wesfarmers rallied 2% today after the Australian conglomerate announced it has received the tick of approval from Australia’s Federal Court to acquire Australian Pharmaceutical Industries in a deal worth an estimated $763m. API will be suspended from trading on the ASX at the closing bell on Tuesday.
Global Lithium shares popped 23% today in the aftermath of positive news last week for the lithium exploration company in terms of receiving firm commitments for a $29.9m capital raise, and that Mineral Resources has joined Global Lithium’s register as a shareholder after committing to invest $13.6m for a 5% stake in the company.
And Magellan Financials’ woes worsened today after the company’s founder, Hamish Douglass, resigned as a director of the company effective immediately. Douglass’ resignation comes a month after he took indefinite leave from the role as Chairman of the company.
Read the full story
in the Grafa app
To read the full article and more in the Grafa app, available on all app stores.
Track the trends
Get the hot tips first
Stay close to your investments
Learn to trade like a pro
Let your money entertain you
See more stories like this
48% of businesses say they will not raise prices, primarily due to the desire to...read more
Of the smaller cryptos, these ones were the movers. Mirrored iShares Gold Trust rose 353.48%...read more
Of the middle-sized cryptos, these ones were the movers. Metacraft rose 66.39% to US$1.31, closing...read more