Monthly Report · March 2026
The ASX’s most shorted name is still DMP at 15.32%, but the bigger story this month is fresh aggression elsewhere: LOT surged from 6.05% to 10.18% (+4.13%). At the same time, shorts backed away hard from energy, led by KAR dropping from 9.91% to 5.28% (-4.64%) and STX from 4.37% to 0.83% (-3.54%).
The cleanest tell in this month’s data is the uranium split: shorts covered BOE (12.07%, down -1.04%) while piling into LOT, which ripped from 6.05% to 10.18% (+4.13%). That’s not “portfolio rebalancing” — it’s a view, and it’s a strong one. [ref-1] [ref-2] [ref-3]
DMP remains the most shorted stock on the ASX at 15.32% after a -0.70% move, keeping it in the crosshairs even after its latest reporting cycle. [ref-1] [ref-4] Behind it, the market’s still leaning against growth healthcare: TLX sits at 14.33% (+1.05%) and PNV at 14.22% (+1.58%). NAN is also elevated at 11.78% (+0.78%). These aren’t tiny tweaks — shorts added across multiple healthcare names in the same month. [ref-1] [ref-5] [ref-6] [ref-7] On the consumer side, GYG is now 14.14% (+0.76%), while FLT jumped to 11.77% (+2.11%). That pairing matters: both are consumer-facing, but the short activity suggests the market is more worried about expectations than survival. [ref-1] [ref-8] [ref-9]
Stocks with the largest increase in short interest this month.
Stocks with the largest decrease in short interest this month.
LOT was the standout riser: 6.05% to 10.18% (+4.13%). When a stock adds +4.13% short interest in a month, it usually means one of two things — a crowded long is being challenged, or the sector tape is turning. LOT’s latest Half Year Financial Report is the obvious document shorts will be working through. [ref-2] [ref-1] MMS also saw a sharp lift from 5.54% to 8.76% (+3.22%). That’s a big move for a mature services business, and it lands right after its Appendix 4D and Interim Financial Report. [ref-1] [ref-10] ZIP moved from 6.80% to 9.76% (+2.97%). Given ZIP’s history of violent squeezes, that’s the kind of build that can cut both ways for retail: it can signal genuine scepticism, but it also creates fuel if the next update surprises. [ref-1] [ref-11] On the cover side, KAR collapsing from 9.91% to 5.28% (-4.64%) is the month’s biggest unwind, with STX also heavily covered from 4.37% to 0.83% (-3.54%). That’s a meaningful de-risking in energy shorts. [ref-1] [ref-12] [ref-13] TWE is the other big cover: 14.37% to 11.84% (-2.53%). Shorts don’t usually give back that much without a reason, and TWE’s interim results are the obvious catalyst. [ref-1] [ref-14]
Zooming out, the market is doing two things at once. First, it’s leaning harder into healthcare shorts: TLX at 14.33% (+1.05%), PNV at 14.22% (+1.58%), NAN at 11.78% (+0.78%), and even 4DX jumping from 0.37% to 3.11% (+2.73%). That’s broad-based pressure, not a single-stock grudge. [ref-1] [ref-5] [ref-6] [ref-7] [ref-15] Second, it’s reducing energy shorts: KAR (-4.64%), STX (-3.54%), and BOE (-1.04%). Yet uranium isn’t one trade — BOE was covered while LOT was hit. That divergence is the tell: shorts are getting selective, not simply “risk-off” on the sector. [ref-1] [ref-3] [ref-12] [ref-13]
Next month, watch whether the new 10%+ short in LOT holds or keeps climbing, and whether the healthcare cluster (TLX/PNV/NAN/4DX) continues to attract incremental shorts after recent reporting. If energy shorts keep unwinding while consumer shorts (FLT, GYG) build, that rotation will be hard to ignore. [ref-1]
LOT rose from 6.05% to 10.18%, a +4.13% increase in short interest. [ref-1]
DMP is the most shorted at 15.32%. [ref-1]
KAR fell from 9.91% to 5.28% (-4.64%) and STX fell from 4.37% to 0.83% (-3.54%). [ref-1]
Yes — multiple healthcare names saw short interest rise: TLX to 14.33% (+1.05%), PNV to 14.22% (+1.58%), NAN to 11.78% (+0.78%), and 4DX to 3.11% (+2.73%). [ref-1]
The average short position is 1.44% and the WoW average change is +0.17% across 669 stocks shorted. [ref-1]
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.
