Westgold shorts more than double — while lithium stays the ASX’s #1 punchbag
April 2024
April’s ASIC data had one clean outlier: Westgold (WGX) jumped from 3.35% to 7.48% short (+4.13% MoM), the biggest move in the market. The crowded trades stayed crowded — Pilbara Minerals (PLS) held #1 at 21.81% (+1.22%) while IDP Education (IEL) climbed to 16.11% (+2.06%) and Flight Centre (FLT) to 11.89% (+1.99%). The sharpest cover was Superloop (SLC), collapsing from 2.60% to 0.03% (-2.56%).
This Month's Analysis
Westgold (WGX) didn’t just creep up the short table in April — shorts piled in. From 3.35% to 7.48% (+4.13%) in a month. That’s a big, deliberate position in a $6.5b gold name, and it’s the loudest single signal in this report.
PLS remains the ASX’s most shorted stock at 21.81% (+1.22%). The lithium trade is still the market’s favourite punching bag: when the sector’s pricing tape is weak, shorts don’t need a company-specific reason — they just keep leaning on the whole complex. IEL is the other heavyweight. Short interest rose from 14.05% to 16.11% (+2.06%), taking it to #2 on the list. This is a straight bet against international student volumes and policy risk — the kind of uncertainty that keeps shorts comfortable staying in size. FLT moved from 9.90% to 11.89% (+1.99%). Travel is cyclical and rate-sensitive; when households get squeezed, discretionary trips are an easy line item to cut. Shorts are positioned for that version of the consumer. The rest of the top 10 keeps the same flavour: SYR at 13.33% (-0.32%) is still heavily shorted even after a small trim; LTR at 10.90% (+0.82%) and SYA at 8.09% (+0.91%) show the lithium developer end remains under pressure; CXO at 8.25% (-0.20%) is a minor cover, not a change of heart. BOQ sits at 7.37% (+0.63%) — the classic grind-short: margin peak anxiety on one side, credit quality worries on the other. STX rounds out the list at 7.32% (+0.31%).
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
The risers are where the conviction showed up. WGX (+4.13%) is the standout. In gold equities, this sort of jump usually isn’t about the metal — it’s about the company: valuation, costs, execution, or a technical trade large enough to move the register. Either way, it’s a meaningful new headwind. SGR rose from 1.55% to 4.78% (+3.23%). Casinos don’t get the benefit of the doubt when regulation and consumer spending are both live wires, and the short book is now sized accordingly. ELD climbed from 2.06% to 4.46% (+2.40%). Agribusiness shorts tend to be a bet on conditions and commodity cycles turning less friendly; this is a material step-up in that view. IEL (+2.06%) and FLT (+1.99%) round out the top five risers — both big, liquid consumer-facing names where shorts can scale quickly. On the other side, the covers were decisive. SLC fell from 2.60% to 0.03% (-2.56%). That’s not trimming — that’s exiting. DVP dropped from 3.62% to 1.19% (-2.43%), and DYL from 6.63% to 5.15% (-1.48%). ASM slid from 2.61% to 1.20% (-1.41%), while 5GG went from 1.19% to 0.00% (-1.18%). In smaller names, once the borrow gets annoying or the trade stops paying, short interest can disappear fast. This month, it did.
Industry Trends
Zoom out and April reads like two trades — plus one curveball. Trade one: lithium stays crowded. PLS (21.81%), LTR (10.90%), CXO (8.25%) and SYA (8.09%) keep the sector embedded in the top 10, and three of those four increased in April. The average short across the market is only 1.03%, so these are not normal positions — they’re thematic bets. Trade two: consumer cyclicals are back in the crosshairs. IEL (16.11%, +2.06%) and FLT (11.89%, +1.99%) both took near-2% jumps in a single month. That’s positioning for tougher demand conditions, not a gentle glide path. The curveball is gold. WGX’s jump to 7.48% (+4.13%) is a rare surge for a large-cap producer, and it stands out even in a month where the period’s average change was only +0.01%.
Outlook
Next month, watch whether WGX short interest keeps climbing from 7.48% or snaps back — that will tell you if April was a one-off technical burst or the start of a sustained negative view. In the meantime, PLS at 21.81% is the pressure point: any sharp move in lithium pricing is the one catalyst that can force a fast unwind.
Frequently Asked Questions
What was the biggest short-interest increase in April 2024?
Westgold (WGX): 3.35% to 7.48%, up +4.13% month-on-month.
What is the most shorted ASX stock in this report?
Pilbara Minerals (PLS) at 21.81% short, up +1.22% month-on-month.
Which stocks had the biggest short covering in April 2024?
Superloop (SLC) had the largest fall: 2.60% to 0.03% (-2.56%). Develop Global (DVP) also fell from 3.62% to 1.19% (-2.43%).
Are lithium stocks still heavily shorted on the ASX?
Yes. PLS (21.81%), LTR (10.90%), CXO (8.25%) and SYA (8.09%) are all in the top 10 most shorted stocks, and most increased in April.
Why did short interest rise in IDP Education (IEL) and Flight Centre (FLT)?
IEL rose from 14.05% to 16.11% (+2.06%) and FLT from 9.90% to 11.89% (+1.99%). Both are exposed to demand and policy sensitivity — student mobility and visa settings for IEL, and discretionary travel demand for FLT.
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.