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3 big movers

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.

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