Stocks of the Hour: Kogan, Mineral Resources, Wesfarmers

Company News

by Melissa Darmawan

Mighty Ape appoints Gracie MacKinlay as chief executive officer, replacing Simon Barton. Mr Barton will step into the role as chief financial officer, while Ms MacKinlay will transition as the boss next week. Shares are trading 0.3 per cent lower at $3.53.

Marquee Resources has inked a deal with Mineral Resources (ASX:MIN) to develop lithium deposits across the West Spargoville Project in WA. The deal is conditional on Mineral Resources completing its due diligence within four weeks, with the deal offering them the rights to buy an initial 25 per cent interest in the project. This is on the basis that they fund several activities within two years. Shares are trading 2.9 per cent lower at $57.01.

Despite rising interest rates and high inflation, Wesfarmers' (ASX:WES) boss Rob Scott said that Aussies have continued with their shopping habits at Bunnings and Kmart. At their strategy day today, investors learned that the group will focus on new growth areas, including the Mt Holland lithium project, and their health division. Shares are trading 0.6 per cent lower at $47.32.

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