Business
These ASX shares are falling after being hit by broker downgrades today
The market may be on a backfoot today but two ASX stocks in particular are underperforming after they got hit by broker downgrades.
The S&P/ASX 200 Index (Index:^AXJO) slipped 0.4% in after lunch trade. The big banks like Westpac Banking Corp (ASX: WBC) and major miners like BHP Group Ltd (ASX: BHP) are contributing to the decline.
No ASX stock insurance against a broker downgrade
But its more than the general market weakness that is dragging on the Insurance Australia Group Ltd (ASX: IAG) share price.
The analysts at Macquarie Group Ltd (ASX: MQG) believe insurers will exceed their first half hazards allowances when they hand in their interim results next month.
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