AU Evening Wrap: ASX 200 declined 0.7%; Uniti soared on A$3 billion bid

The $S&P/ASX 200 (.XJO.AU)$ closed 0.7% lower at 7097.4, with the materials sector down 3.7 per cent and the energy sector slumping 2.9 per cent.

Bulk metals majors $BHP Group Ltd (BHP.AU)$, $Rio Tinto Ltd (RIO.AU)$ and $Fortescue Ltd (FMG.AU)$ lost at least 3.9 per cent in the wake of falls in iron ore and industrial metals. Energy giants $Santos Ltd (STO.AU)$ and $Woodside Petroleum Ltd (WPL.AU)$ also weighed.

Gains in banks $CommBank (CBA.AU)$, $ANZ Group Holdings Ltd (ANZ.AU)$, $National Australia Bank Ltd (NAB.AU)$ and $Westpac Banking Corp (WBC.AU)$, industrials and healthcare companies shielded the index from a deeper loss.

Broadband network owner $Uniti Group Ltd (UWL.AU)$ has confirmed an indicative $4.50 per share all-cash offer from New Zealand-based private equity firm Morrison & Co, valuing the company at $3.1 billion. Uniti will offer Morrison & Co exclusivity until 22 April. The company’s share price soared 27.30% to A$4.01 on Tuesday’s trading.

S&P/ASX 200 Movers for Tuesday (3/15)