Shorts pile into IEL — and start taking swings at gold
March 2024
March’s loudest move was IDP Education (IEL): short interest jumped from 10.25% to 14.05% (+3.80%), pushing it to #2 on the ASX short list. Pilbara Minerals (PLS) still wears the crown at 20.59% despite a -0.76% trim, while Liontown (LTR) climbed to 10.08% (+2.14%). Market-wide positioning barely moved (average short 1.02% across 675 stocks; period average change +0.01%), but the conviction trades were sharp.
This Month's Analysis
The biggest tell this month wasn’t lithium. It was IEL. A +3.80% jump in short interest (10.25% → 14.05%) is desks putting real money behind a single idea: policy risk around international students is about to matter more than the last few quarters of execution.
PLS remains the most shorted stock at 20.59% (down -0.76%). That’s not a change of heart — it reads like risk management in a trade that’s already crowded. Lithium is still the macro lever here, and PLS is still the cleanest way to express it. IEL is now #2 at 14.05% after the month’s biggest increase (+3.80%). Shorts don’t add nearly four points for fun. IEL’s exposure is unusually binary for a Consumer Services name: international student mobility and regulation. When the rules tighten, the revenue line feels it quickly. SYR slid from 16.83% to 13.65% (-3.17%), dropping to #3. That’s proper covering, not drift — the kind you see when a trade has paid and the next catalyst stops looking one-way. LTR moved the other direction: 7.95% → 10.08% (+2.14%). Same commodity tape as PLS, but a different flavour of risk. Shorts are leaning into the “low-price environment meets execution/funding reality” setup. FLT sits at 9.90% (+0.28%), basically unchanged. It’s still a big, persistent short: a cyclical earnings profile that gets tested fast when consumers pull their heads in. Further down the top 10, shorts eased in CXO (8.45%, -0.31%), GMD (7.74%, -1.67%), WBT (7.19%, -0.62%), SYA (7.18%, -0.18%) and ACL (7.06%, -1.43%). The common thread: less appetite to press crowded positions where the easy downside has already been harvested.
Daily Snapshots
Top Shorted Stocks This Month
Biggest Risers
Stocks with the largest increase in short interest this month.
Biggest Fallers
Stocks with the largest decrease in short interest this month.
Movers Analysis
IEL (+3.80%) was the cleanest “why now?” move in the whole dataset. It’s a straight-line bet on regulation and student flows, with currency sensitivity as the kicker. EMR was the other eye-opener: 0.59% → 4.33% (+3.74%). That’s not a crowded unwind or a gentle rebalance — it’s a fresh short thesis being built. STX rose from 4.65% to 7.01% (+2.36%). For an Energy name, that’s a meaningful lift, and it fits the classic short playbook: question the timelines, question the capex, question the commodity support. WGX climbed 1.04% → 3.35% (+2.31%). Shorts taking aim at gold miners while gold sentiment is strong is a very specific call: they’re not shorting the metal, they’re shorting delivery. On the cover side, DYL fell 9.92% → 6.63% (-3.30%). That’s uranium shorts stepping back in size. APX also saw heavy covering (6.32% → 3.16%, -3.16%), and LKE dropped 3.96% → 1.93% (-2.03%), consistent with shorts reducing exposure to smaller, higher-volatility materials names after big moves. ELD eased 3.94% → 2.06% (-1.89%), a quieter signal that some funds are trimming shorts in agribusiness as a macro hedge.
Industry Trends
Resources still dominate the short book, and lithium is still the centre of gravity: PLS (20.59%), LTR (10.08%), CXO (8.45%) and SYA (7.18%) all sit in the top 10. The pattern inside the theme matters though — the mega-cap producer (PLS) was trimmed (-0.76%) while the developer (LTR) attracted fresh shorts (+2.14%). The more surprising rotation was into non-resources. IEL’s surge drags Consumer Services into the fight, and FLT at 9.90% keeps travel as a standing macro short. Then there’s gold: EMR (+3.74%) and WGX (+2.31%) both saw shorts jump. That’s a bet on company-level execution risk, not a broad “gold down” call. Zooming out, the market’s short dial barely moved: average short interest is 1.02% across 675 stocks and the period average change was +0.01%. The index isn’t being shorted harder. Specific stocks are.
Outlook
Watch IEL’s short interest next month: if it keeps rising from 14.05%, the market is pricing a tougher policy outcome, not just a one-off positioning burst. Second, watch whether EMR (4.33%) and WGX (3.35%) keep climbing — continued short builds there would confirm funds are targeting operational delivery in gold, not the commodity.
Frequently Asked Questions
Which ASX stock is the most shorted in March 2024?
Pilbara Minerals (PLS) is the most shorted at 20.59% (month-on-month change: -0.76%).
What was the biggest increase in short interest this month?
IDP Education (IEL) rose from 10.25% to 14.05%, an increase of +3.80%.
What was the biggest short-covering move in March 2024?
Deep Yellow (DYL) fell from 9.92% to 6.63%, a decrease of -3.30%.
Is lithium still the main short theme on the ASX?
Yes. PLS (20.59%), LTR (10.08%), CXO (8.45%) and SYA (7.18%) are all in the top 10 most shorted stocks.
Did overall shorting increase across the market in March 2024?
No. The average short position was 1.02% across 675 stocks, and the period average change was +0.01%.
Data sourced from ASIC short position reports (T+4 delayed). This report is for informational purposes only and does not constitute financial advice. Short selling data may not reflect real-time market conditions.