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The S&P/ASX 200 Index closed 0.072% lower to 7,936.90 points. Several stocks have been hit particularly hard today, with Helia Group, James Hardie Industries, and New Hope Corporation among the biggest losers. Here's a closer look at why these shares are under pressure.
Helia Group has suffered a major blow, with its share price plummeting 27% to AU$3.55 after confirming that it is likely to lose its long-standing contract with Commonwealth Bank of Australia (ASX:CBA).
The mortgage insurance provider disclosed that the LMI business underwritten under this contract represented approximately 44% of gross written premium (GWP) in FY 2024. Losing this deal could have a significant financial impact on the company moving forward.
CEO and managing director Pauline Blight-Johnston expressed disappointment over the development, stating:
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