ASX 200, CBA hit record highs; Virgin Money UK soars; Ramelius, Karora confirm talks

Record close and intraday high for ASX 200. CBA hits fresh high. Virgin Money UK rockets. Court blocks Scyne move on ex-partner. Magmatic soars on Fortescue buy-in. Pacific Current offloads GQG stake. 

The prospect of rate cuts later this year is buoying equity markets around the world. Picture: Gaye Gerard

Welcome to the Trading Day blog for Friday, March 8. The ASX 200 index finished 1.1 per cent higher at a record close of 7847.00 points as the big banks led a broad rally. The ASX 200 also hit record intraday high of 7853.10 points.

The Aussie dollar is trading higher near US66.29c.