Monthly Report · April 2026
April’s shorting story is uranium: LOT surged from 9.87% to 13.53% (+3.66%) and BOE lifted to 13.22% (+1.25%). DMP stayed the most shorted name at 15.91% (+0.51%), while the cleanest unwind was IEL, collapsing from 9.98% to 4.27% (-5.71%).
The biggest move this month wasn’t a crowded mega-cap — it was LOT. Short interest jumped from 9.87% to 13.53% (+3.66%), a sharp re-rating in positioning that puts it straight into the ASX’s top 10 most shorted list [ref-1]. When a stock moves that far in a month, it’s usually not “noise”; it’s a view.
At the top, DMP remains the market’s favourite short at 15.91% (+0.51%) [ref-1]. The bear case is easy to understand: the company’s FY2025 result showed revenue from ordinary activities down -3.1% to 2,303.7 and profit from ordinary activities after tax from continuing operations down -104.0% to -3.7 [ref-2]. TLX is right behind at 15.81% (+1.12%) [ref-1]. That’s a meaningful lift given Telix’s scale, and it sits awkwardly alongside its H1 FY2025 revenue from contracts with customers of 390.359 (+63%) — but also a (loss)/profit after income tax of -2.292 [ref-3]. Shorts are basically saying: great top line, but show us the quality and durability of earnings. PNV (14.38%, +0.19%) is still heavily shorted [ref-1] even after FY25 profit from ordinary activities after tax attributable to owners up 151.2% to 13.214 [ref-4]. That’s the tell: this isn’t about last year’s numbers — it’s about what the market thinks comes next at a P/E of 101.0.
Stocks with the largest increase in short interest this month.
Stocks with the largest decrease in short interest this month.
The risers were punchy. GDG climbed from 5.27% to 9.90% (+4.63%) [ref-1], and that’s a big vote of scepticism given FY2025 profit from ordinary activities after income tax attributable to members up 555% to 38.247 [ref-5]. CAR also saw shorts pile in, rising from 6.83% to 10.28% (+3.46%) [ref-1]. But the standout cluster is uranium. LOT’s +3.66% move was backed up by BOE lifting to 13.22% (+1.25%) [ref-1]. BOE’s FY2025 numbers explain why the stock can attract both bulls and bears: total revenue 75.596, positive operating net cash from operating activities of 17.381, but a net loss after tax of -34.168 [ref-6]. On the other side, IEL’s short interest was smashed from 9.98% to 4.27% (-5.71%) [ref-1]. That’s not a trim — that’s capitulation. IFL also de-crowded hard, dropping from 2.38% to 0.28% (-2.10%) [ref-1], after its half-year reporting cycle [ref-7].
Zooming out, the market’s short book is still concentrated: the maximum short % is 15.91% (DMP), versus an average short % of 1.45% across 702 stocks [ref-1]. In other words, the action is in a handful of battleground names. Sector-wise, April looked like a rotation into “story risk” and cyclicals: uranium developers/producers (LOT, BOE) saw shorts increase, while consumer-facing names were mixed — DMP edged higher, but GYG eased to 13.66% (-0.43%) and FLT fell to 10.98% (-0.67%) [ref-1]. In defence tech, DRO barely moved (11.66%, -0.10%) [ref-1] despite its quarterly update cadence [ref-8].
Watch whether LOT and BOE keep climbing from 13.53% and 13.22% — if shorts keep adding after this month’s jump, the uranium trade is turning into a genuine ASX battleground [ref-1]. Also keep an eye on whether IEL’s unwind to 4.27% continues, because that kind of covering can change the price action fast [ref-1].
GDG rose from 5.27% to 9.90%, a +4.63% increase in short interest.
IEL fell from 9.98% to 4.27%, a -5.71% move — the largest decrease in the data.
DMP (15.91%), TLX (15.81%), PNV (14.38%), GYG (13.66%), LOT (13.53%) and BOE (13.22%).
No. The average short % is 1.45% across 702 stocks, while the maximum is 15.91% (DMP).
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.
