FLT shorts piled in: +1.71% to 11.98% while BOE stays maxed at 16.69%
January 2026
The market de-risked overall (WoW average change: -0.10%; average short: 1.12% across 406 stocks), but a few names wore fresh size. Flight Centre (FLT) jumped from 10.27% to 11.98% (+1.71%) while Boss Energy (BOE) held the market-high 16.69% and Clinuvel (CUV) saw the biggest cover, sliding from 9.46% to 7.13% (-2.34%). [ref-1]
This Month's Analysis
The tape says “risk off”, but the short book says “pick your spots”. Average short interest fell (WoW average change: -0.10%), yet FLT still copped a clean +1.71% hit to 11.98% — the biggest rise in the data and a loud move for a liquid, mainstream ASX name. [ref-1]
BOE remains the market’s most shorted stock at 16.69% (+0.00%). It’s the kind of number that turns every operational update into an event. [ref-1] Behind it sits GYG at 14.07% (+0.22%) — shorts are still happy to lean on a high-expectations consumer growth story even after FY25 revenue of 436.0 and NPAT of 14.5. [ref-1] [ref-2] FLT is now the pressure point at 11.98% (+1.71%). [ref-1] TLX is unchanged at 11.82% (+0.00%), and SLX lifted to 9.02% (+0.87%), keeping the “big narratives” crowded: travel cyclicality, biotech execution risk, and nuclear-adjacent tech. [ref-1] Rounding out the top 10: LYC at 8.91% (+0.00%), BRG at 8.35% (+1.10%), ILU at 7.95% (+0.44%), DYL at 7.87% (-0.48%), and IPX at 7.75% (+0.00%). [ref-1]
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
1) FLT: 10.27% → 11.98% (+1.71%). Shorts added anyway, despite FY2025 revenue of 2,783.944 (+2.7%) and statutory profit after income tax of 108,184 (change_pct: -22.3). That combination — modest top-line growth with profit going backwards — is exactly where short sellers like to press. [ref-1] [ref-3] 2) GDG: 3.88% → 5.29% (+1.40%). This is the more counter-intuitive move: FY2025 profit from ordinary activities after income tax attributable to members was 38,247 (change_pct: +555) and revenues from ordinary activities were 626,831 (change_pct: +88%). Shorts still stepped up. [ref-1] [ref-4] 3) BRG: 7.26% → 8.35% (+1.10%). The numbers were strong — FY2025 net profit after tax attributable to members 135,854 (change_pct: +14.6) on total sales revenue 1,696,551 (change_pct: +10.9) — but the short interest rose anyway. That’s usually a bet that expectations (and valuation) are doing the heavy lifting now. [ref-1] [ref-5] 4) NVX: 2.55% → 3.63% (+1.08%). Another step-up in a smaller, higher-beta name. [ref-1] 5) SYR: 2.19% → 3.11% (+0.93%). Shorts added, keeping battery materials in the “trade it, don’t marry it” bucket. [ref-1] On the cover side, CUV was the standout unwind: 9.46% → 7.13% (-2.34%). With FY2025 revenues from ordinary activities 95,017,570 (change_pct: +8) and net profit 36,172,518 (change_pct: +2), that looks like shorts banking a win rather than doubling down. [ref-1] [ref-6] Other meaningful covers: CHN 4.15% → 3.21% (-0.93%), NIC 1.61% → 0.79% (-0.82%), AOV 2.83% → 2.05% (-0.78%), and LNW 1.96% → 1.24% (-0.72%). [ref-1]
Industry Trends
The top 10 is still resources-heavy, and it’s not subtle: BOE 16.69%, SLX 9.02%, LYC 8.91%, ILU 7.95%, DYL 7.87%, and IPX 7.75%. [ref-1] But the more actionable signal this month is the consumer squeeze point. Shorts lifted in FLT to 11.98% (+1.71%) and BRG to 8.35% (+1.10%) at the same time GYG stayed elevated at 14.07% (+0.22%). That’s a clear preference for fading “good companies” when the market thinks the bar is too high. [ref-1] Meanwhile, the market backdrop is calmer than the headlines: 406 stocks shorted, average short 1.12%, and the average change was negative (WoW average change: -0.10%). This wasn’t a broad shorting wave — it was targeted. [ref-1]
Outlook
One thing to watch next week: whether FLT keeps building from 11.98%. If it does, the short book is telling you it wants more than revenue of 2,783.944 (+2.7%) — it wants profit momentum back after statutory profit after income tax of 108,184 (change_pct: -22.3%). [ref-1] [ref-3]
Frequently Asked Questions
What was the most shorted ASX stock in this report?
Boss Energy (BOE) was the most shorted at 16.69% (the market max short %). [ref-1]
Which stock had the biggest increase in short interest?
Flight Centre (FLT) rose from 10.27% to 11.98% (+1.71%). [ref-1]
Which stock had the biggest drop in short interest?
Clinuvel Pharmaceuticals (CUV) fell from 9.46% to 7.13% (-2.34%). [ref-1]
How concentrated is shorting right now?
Average short interest is 1.12% across 406 stocks, while the highest single name is 16.69% (BOE). [ref-1]
Why are shorts rising in Flight Centre (FLT)?
Short interest rose to 11.98% while FY2025 revenue was 2,783.944 (+2.7%) and statutory profit after income tax was 108,184 (change_pct: -22.3%), a setup that can attract scepticism on earnings durability. [ref-1] [ref-3]
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.