The S&P/ASX 200 shed 1.4 per cent, or 101.4 points, to 7019.7, on Thursday, led by losses in materials and financial stocks. The index closed at its lowest level in a month.

Major banks extended their decline with Westpac, the hardest hit, down 3.7 per cent. CBA, NAB and ANZ shed between 2.3 per cent and 2.6 per cent. Bucking the trend was Magellan which topped the index with a 2.2 per cent jump after the return of its co-founder Hamish Douglass as consultant.

Materials dropped 2.2 per cent with mining giants BHP Group down 2.4 per cent and Rio Tinto 1.2 per cent lower.

The energy sector was the only category posting gains, up 0.6 per cent.

Shares in Crown Resorts jumped 2 per cent to reach a one-year high of $13 after Blackstone’s takeover bid received the nod from the Victorian and NSW casino watchdogs, leaving Western Australia the only remaining state to deliver their determination.

Shares in Aurizon eased 0.5 per cent to $4.18 after the ACCC raised concerns about its planned acquisition of freight haulage group OneRail, arguing it could “substantially” reduce competition in the rail industry.