Helia Group says 9% selloff due to Macquarie downgrade

The news: Mortgage insurance provider Helia Group has said it is not aware of any undisclosed information that could explain a 9% intraday drop in its share price on Tuesday.

The numbers: Helia shares fell from a high of $5.58 to a low of $5.07, triggering an ASX price query.

The context: The company suggested the decline may have been due the publication of a “new equity research report” late on Monday.

Macquarie released a note reaffirming its ‘underperform’ rating on the stock, and reducing its target price from $3.70 to $3.60, flagging “greater near-term risks from the softening property market”.