The 10 Most Shorted ASX Stocks · Week 2, 2024
8 Jan 2024 — 12 Jan 2024
Appen (APX) was the week’s cleanest tell: short interest jumped from 1.65% to 4.36% (+2.72%). Pilbara Minerals (PLS) remains the ASX’s most shorted stock at 21.05% (+0.11%), with battery materials still dominating the top 10. Uranium shorts eased (DYL -0.60%, PEN -0.11%) while index hedging flickered on via IOZ (0.00% to 1.33%).
By Shorted AI Research · Published · Sourced from official ASIC short position reports (T+4 delay). Methodology · Not financial advice.
Forget the slow grind in PLS. The real move was APX: shorts went from 1.65% to 4.36% in a week (+2.72%). That’s not “a bit more scepticism” — that’s traders stepping in front of a move and saying the register action doesn’t equal a turnaround.
PLS sits at 21.05% short (+0.11%), still the market’s favourite way to express the lithium pain trade in size. At $13.4B market cap, that’s a lot of stock borrowed and sold. SYR tightened the screws too, up to 15.44% (+0.67%). The battery materials complex is where shorts keep concentrating risk. CXO is still crowded at 12.93%, but shorts trimmed (-0.55%). When a trade gets this packed, even small operational headlines can force covering. SYA moved the other way: 10.27% (+0.58%). Developers and marginal producers keep wearing it when the commodity tape is ugly. IEL is the standout non-resources short: 10.15% (+0.93%). This is macro-sensitive positioning — a business geared to international student flows and currency moves, with the market leaning against the multiple. DYL (9.83%, -0.60%) and PEN (8.82%, -0.11%) both saw shorts back off. Not a stampede. Just less appetite to fight uranium momentum. Rounding out the top 10: GMD 8.82% (-0.04%), LTR 8.43% (+0.16%), and FLT 8.35% (-0.49%).
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.
APX led the risers: 1.65% → 4.36% (+2.72%). The timing lines up with register-related disclosures that can drive technical volatility: “Becoming a substantial holder” and a “Notification of cessation of securities” (https://yourir.info/resources/396cdf0a32f7cb50/announcements/apx.asx/2A1499476/APX_Becoming_a_substantial_holder.pdf, https://yourir.info/resources/396cdf0a32f7cb50/announcements/apx.asx/2A1499479/APX_Notification_of_cessation_of_securities_APX.pdf). Shorts tend to hit these moments when they think price action is flow-driven. SGR followed: 1.07% → 3.00% (+1.94%). Casinos attract shorts when regulatory risk is live and balance sheets matter. A2B lifted from 0.50% → 1.96% (+1.46%). That’s a meaningful jump for a smaller name — the market is leaning against the transport/tech angle despite recent operational updates. IOZ went 0.00% → 1.33% (+1.33%). That’s desks switching on hedges and pair trades — short the index ETF to neutralise market exposure while running single-stock risk. ARU climbed 2.95% → 4.14% (+1.19%). Capex-heavy developers get targeted fast when risk appetite cools. On the cover side, CIA fell 2.41% → 1.43% (-0.98%). That’s a decent unwind and reads like profit-taking in an iron ore-linked short. ZIP eased 4.01% → 3.45% (-0.56%). The company also had multiple security-related notices lodged (for example, “Notification of cessation of securities - ZIP”: https://yourir.info/ezapi/announcements/dbc6d3e76afbc820/2A1648337/ZIP_Notification_of_cessation_of_securities_ZIP.pdf), the sort of thing that can coincide with technical flows and repositioning. CXO (13.49% → 12.93%, -0.55%) and FLT (8.84% → 8.35%, -0.49%) also saw meaningful trimming.
This week’s list is still a battery materials roll-call. Five of the top 10 are lithium or adjacent: PLS 21.05%, SYR 15.44%, CXO 12.93%, SYA 10.27%, LTR 8.43%. The message is simple: the market is positioned for weak pricing to keep pressuring margins and cashflows. At the same time, uranium shorts are quietly stepping back (DYL -0.60%, PEN -0.11%), while the broader market hedge popped up through IOZ (+1.33%). That combination reads like this: keep fading EV materials, but don’t run naked long beta into January.
Watch whether APX short interest keeps climbing from 4.36% or stalls — a second week of heavy increases would confirm the market is pressing the trade, not just reacting to one-off flows. In the meantime, keep one eye on IOZ: if that 1.33% short position builds again, desks are telling you they want more index protection.
PLS is the liquid, scalable way to short lithium on the ASX. At 21.05% short (+0.11% WoW), the trade is already crowded and being maintained rather than freshly built.
Yes. That’s a +2.72% weekly jump, one of the largest moves on the tape, and it often reflects catalyst-driven positioning. APX also released register-related announcements on 11 Jan 2024 that can amplify technical volatility.
It’s commonly used as a hedge. Funds short IOZ to reduce overall market exposure while keeping individual long/short positions on.
It usually means some traders are taking profit or reducing squeeze risk. CXO is still heavily shorted at 12.93%, but the -0.55% weekly move shows less aggression at current levels.
No. FLT is still heavily shorted at 8.35%. The -0.49% weekly move suggests trimming, not a full unwind.
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.
