January 2026
The market-level tape was quiet (average WoW change: -0.10% across 406 stocks), but the single biggest punch landed on Flight Centre (FLT), where short interest jumped 10.27% → 11.98% (+1.71%). Boss Energy (BOE) stayed the most shorted name at 16.69% (+0.00%), while the cleanest unwind was Clinuvel (CUV) 9.46% → 7.13% (-2.34%).
Forget the leaderboard. The week’s loudest signal was the hit on Flight Centre (FLT): shorts ramped 10.27% → 11.98% (+1.71%) in a single week, pushing it into the top three most shorted stocks on the ASX. That’s not background noise. That’s a position being built. [ref-1]
BOE kept the crown at 16.69% short (+0.00%). The stalemate makes sense: the market is still weighing a ramp-up story against the numbers already printed. In FY2025, BOE reported revenue from ordinary activities of $75.596 million and a (loss) after tax attributable to members of (34,168) ($-34.168 million). [ref-2] GYG held #2 at 14.07% short (+0.22%). Shorts are staying engaged even with FY25 profit after income tax expense of $14.5 million and revenue from ordinary activities of $435.982 million. [ref-3] FLT is now #3 at 11.98% (+1.71%). The company’s FY2025 revenue was 2,783,944 ($2,783.944 million) and statutory profit after income tax was 108,184 ($108.184 million), but the short build suggests the market is leaning into the next debate: how much of the travel recovery is already in the price. [ref-4] TLX sat unchanged at 11.82% (+0.00%). That steadiness comes despite a messy half-year headline: H1 FY2025 revenue from contracts with customers of $390.359 million alongside a (loss)/profit after income tax attributable to members of (2,292) ($-2.292 million). [ref-5] Then the resources/transition cluster: SLX at 9.02% (+0.87%), LYC at 8.91% (+0.00%), ILU at 7.95% (+0.44%), DYL at 7.87% (-0.48%), and IPX at 7.75% (+0.00%). It’s still a crowded corner of the market — just not the one doing the most incremental moving this week. [ref-1]
Stocks with the largest increase in short interest this month.
Stocks with the largest decrease in short interest this month.
The risers were clean and concentrated: - FLT: 10.27% → 11.98% (+1.71%). - GDG: 3.88% → 5.29% (+1.40%). - BRG: 7.26% → 8.35% (+1.10%). - NVX: 2.55% → 3.63% (+1.08%). - SYR: 2.19% → 3.11% (+0.93%). [ref-1] FLT’s move is the one that matters because it’s already large and liquid. Shorts added anyway. GDG’s rise to 5.29% comes even after its Appendix 4E showed revenues from ordinary activities of 626,831 ($626.831 million) and profit from ordinary activities after income tax attributable to members of 38,247 ($38.247 million). [ref-6] BRG’s lift to 8.35% is the classic “good company, tough expectations” setup: FY2025 total sales revenue of 1,696,551 ($1,696.551 million) and net profit after income tax attributable to members of 135,854 ($135.854 million), yet shorts still stepped in. [ref-7] On the other side, the cover trade was decisive: - CUV: 9.46% → 7.13% (-2.34%). - CHN: 4.15% → 3.21% (-0.93%). - NIC: 1.61% → 0.79% (-0.82%). - AOV: 2.83% → 2.05% (-0.78%). - LNW: 1.96% → 1.24% (-0.72%). [ref-1] CUV’s unwind is the kind that can change the tone quickly. In FY2025 it reported revenues from ordinary activities of $95.017570 million and net profit for the period attributable to members of $36.172518 million — and now the short base has been cut hard in a week. [ref-8]
At the top end, the short book is still split between two very different trades. One is the resources/energy-transition cluster sitting inside the top 10: BOE 16.69%, SLX 9.02%, LYC 8.91%, ILU 7.95%, DYL 7.87%, IPX 7.75%. The positioning is heavy, but this week it wasn’t where the marginal aggression showed up. [ref-1] The other is consumer-facing names where expectations are easy to trip over: GYG 14.07%, FLT 11.98%, BRG 8.35%. This week, that’s where shorts actually pressed — especially FLT and BRG. [ref-1] Zoom out and the market stats back it up: average short % is 1.12% and the max short % is 16.69%, but the action is in the tails, not the average. [ref-1]
Watch FLT’s next print in the ASIC data: after a +1.71% jump to 11.98%, another step higher would confirm this is a sustained build, not a one-week rebalance. Second, watch whether CUV keeps sliding from 7.13% — the first unwind is easy; the second is the tell. [ref-1]
Boss Energy (BOE) is the most shorted at 16.69% (WoW change: +0.00%).
Flight Centre (FLT) rose from 10.27% to 11.98%, a +1.71% week-on-week increase.
Clinuvel Pharmaceuticals (CUV) fell from 9.46% to 7.13%, a -2.34% week-on-week decrease.
406 stocks.
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.