End of Day Report – Thursday 14 Mar: ARU soars on funding deal | Banks fall hard, copper is back

ASX 200 slipped 16 points to 7714 (-0.2%) as banks came under pressure finally. The index bounced off the 7705, around the level of the sell-off on Monday. Banks saw big sellers as Macquarie downgraded, WBC down 3.8%, CBA off 1.1%, and ANZ falling 3.8%. The Big Bank Basket down to $204.87 (-2.1%). MQG also fell 1.1% as financials sold off. Insurers mixed, REITs better as GMG rose 0.4%. Industrials were slightly weaker, WES off 0.3%, REA down 4.2%, and tech slipping. XRO off 1.5%. WOW gained 0.9% as buyers took advantage of a sale. Resources were a highlight. BHP and RIO rallying hard on copper dreams, FMG solid but uninspiring. Lithium stocks mixed, PLS down 0.2% after a fresh auction, S32 bouncing hard up 5.2%, and gold miners better. NST up 1.9%, and NEM moving 1.2% higher. In corporate news, ARU soared 76.3% as a new funding deal was announced with government backing. ABB crashed 18.0% on news it had lost a contract to SLC. Interesting, given ABB is trying to buy SLC. Will need a far better offer now. News that Singtel is in discussion to sell Optus to Brookfield in a $12bn deal. LNW denied that it had stolen ALL technology and Olivia Wirth has found a new home as the CEO of MYR. Up 7.6% on the news.  Nothing on the economic front today, Asian markets little changed. HK down 0.6%. 10Y yields at 4.07%. US PPI and retail numbers tonight. Dow Futures up 36 points. NASDAQ Futures up 56 points.

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