The 10 Most Shorted ASX Stocks · Week 11, 2024
11 Mar 2024 — 15 Mar 2024
Lithium still owns the top of the table — PLS sits at 20.30% short (-0.44% WoW) — but this week’s fresh aggression was elsewhere. EMR jumped from 0.52% to 3.89% (+3.37%), WGX lifted 0.99% to 3.23% (+2.24%), while shorts also piled into FLT (+1.46% to 11.14%) and IEL (+1.22% to 12.85%). The cleanest cover was APX, down from 6.52% to 3.23% (-3.29%).
By Shorted AI Research · Published · Sourced from official ASIC short position reports (T+4 delay). Methodology · Not financial advice.
Forget lithium for a second. The loudest print this week was EMR: shorts went from 0.52% to 3.89% in one hit (+3.37%). When a mid-tier miner cops that kind of sizing in a single week, it’s not background noise — it’s a trade being put on fast.
PLS keeps the 20% crown at 20.30% short, but the -0.44% WoW trim reads like position management, not a change of thesis. Lithium is still where shorts go for liquidity and a clean macro/commodity expression. SYR is the one still building: 16.95% short (+0.71%). That’s pressure staying on a smaller balance sheet name in battery materials. The bigger message in the top 10 is the swing back to rate-and-earnings sensitivity. IEL rose to 12.85% (+1.22%), and FLT climbed to 11.14% (+1.46%). Two big, liquid consumer-facing names moving that hard in a week is positioning. LTR (9.66%, +1.18%) and CXO (7.86%, +0.21%) keep lithium crowded beyond PLS. Then there’s uranium: DYL dropped from 9.81% to 7.28% (-2.52%), a meaningful cover after being heavily shorted. In the same week, PDN went the other way (see movers).
Key financial metrics from recent company reports for the most shorted stocks.
Stocks with the largest increase in short interest this week.
Stocks with the largest decrease in short interest this week.
EMR was the standout: 0.52% → 3.89% (+3.37%). That’s a new short thesis arriving, not a slow grind. WGX followed: 0.99% → 3.23% (+2.24%). Gold equities can look bulletproof when the commodity tape is strong — until costs, production risk, or valuation catches up. Shorts are leaning into that gap. PDN also saw a sharp build: 2.14% → 4.33% (+2.19%). Uranium shorts are getting more stock-specific: one name being leaned on while another is being covered. GMG was the macro tell: 0.38% → 2.47% (+2.08%). Goodman is high quality, but it’s still duration. When the market wants to express “rates stay higher for longer”, it targets expensive property first. OBL ticked up again: 5.51% → 6.99% (+1.47%). On the cover side, APX was the cleanest unwind: 6.52% → 3.23% (-3.29%). DYL’s cover (-2.52%) was next, then NEM 2.78% → 0.41% (-2.37%), SVR 2.47% → 0.67% (-1.80%), and PBH 2.22% → 0.46% (-1.76%). That’s a lot of traders taking risk off in one week.
The ASX short book is running two trades at once. Trade one: the ‘green metal’ hangover. PLS, SYR, LTR and CXO keep lithium/graphite wedged at the top, even with PLS slightly less crowded this week. Trade two: a rotation into “things that shouldn’t be shorted if the rally is real”. Gold miners (EMR, WGX) attracted heavy new shorts, and GMG’s jump says rate sensitivity is back in focus. Uranium split down the middle: PDN shorts up, DYL shorts down. Same commodity. Different targets.
Watch EMR and WGX next week: do shorts keep adding after the first punch, or do they stall at these new levels? That follow-through (or lack of it) will tell you whether this was a quick hedge or the start of a proper gold-miner fade.
PLS (20.30%), SYR (16.95%), IEL (12.85%), FLT (11.14%), LTR (9.66%), GMD (8.70%), CXO (7.86%), ACL (7.45%), DYL (7.28%), LIC (7.15%).
PLS is the liquid way to short Australian lithium. Even with a WoW dip to 20.30% short (-0.44%), the sector remains a crowded short because it’s an easy expression of weak lithium sentiment.
Emerald Resources (EMR): 0.52% to 3.89%, a +3.37% increase week-on-week.
GMG is rate-sensitive. Its short interest rose from 0.38% to 2.47% (+2.08%), consistent with traders leaning into valuation pressure when bond yields rise.
APX shorts fell from 6.52% to 3.23% (-3.29%), which usually signals covering/profit-taking or risk reduction, not automatically a change in fundamentals.
Track the live rankings on the most shorted ASX stocks page, watch short squeeze candidates, or see market-wide totals in the ASX short selling statistics.
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.
