LOT short interest jumps +4.13% as shorts rotate into uranium
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%).
This Month's Analysis
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]
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
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]
Industry Trends
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]
Outlook
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]
Frequently Asked Questions
What was the single biggest short-interest increase this month?
LOT rose from 6.05% to 10.18%, a +4.13% increase in short interest. [ref-1]
Which stock is currently the most shorted on the ASX in this report?
DMP is the most shorted at 15.32%. [ref-1]
Which names saw the biggest short covering?
KAR fell from 9.91% to 5.28% (-4.64%) and STX fell from 4.37% to 0.83% (-3.54%). [ref-1]
Are shorts concentrating in any one sector?
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]
Did overall shorting rise or fall across the market?
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.