The 10 Most Shorted ASX Stocks · Week 20, 2024
13 May 2024 — 17 May 2024
Short interest was broadly flat (period average change -0.03%), but one move stood out: ACL jumped +1.48% to 9.01%, a big weekly hit for a mid-cap healthcare name. Lithium remains the ASX’s favourite short theme — PLS is still the most shorted stock at 21.18% even after a -0.35% trim, while SYA surged +1.25% to 8.78%.
By Shorted AI Research · Published · Sourced from official ASIC short position reports (T+4 delay). Methodology · Not financial advice.
The week’s loudest signal wasn’t in lithium — it was ACL. A +1.48% jump in a single week to 9.01% short is aggressive positioning, full stop. When shorts move that hard in a pathology business, it usually screams “earnings risk” or “margin pressure” rather than a macro trade.
PLS remains the king of the shorts at 21.18% (down -0.35% WoW). That tiny cover doesn’t change the message: the market still doesn’t trust the lithium price to cooperate, and PLS is the liquid, high-beta way to express that view. IEL is the other big one that’s still getting hit: 16.54% short, up +0.58% on the week. This reads like positioning around policy and demand uncertainty in international education — if visa settings tighten or student flows wobble, earnings can move quickly. SYR (12.97%, -0.19%) and FLT (11.65%, -0.08%) both saw small covers. That’s not a change of heart — more like risk management. In FLT’s case, travel demand can surprise on the upside when consumers keep spending, so shorts tend to keep positions tight. LTR (9.90%, -0.46%) also had shorts step back. But with lithium still under a cloud, this looks like profit-taking rather than a bullish turn. Then there’s ACL (9.01%, +1.48%) — now sixth most shorted. The most likely read is shorts are leaning into competitive and pricing pressure in pathology, where small changes in volumes and rebates can hit margins hard. ACL’s own materials lean heavily into digital service improvements (eHealth/eResults), but that doesn’t automatically fix industry economics. (Company material: https://www.clinicallabs.com.au/media/4978/ehealth-a4-brochure-2022-aclmar-bf-nat-04236-digital.pdf)
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.
Biggest risers were clean and thematic. ACL (+1.48% to 9.01%) was the standout. A move that size suggests fresh conviction, not just day-to-day noise. SYA (+1.25% to 8.78%) tells you the lithium trade is alive in the small caps. When shorts add here while PLS/LTR are being lightly covered, it often means they’re rotating into the weaker balance-sheet/asset-quality end of the complex. CTT (+0.68% to 4.68%) and BAP (+0.66% to 5.32%) point to consumer discretionaries getting re-priced for a “higher for longer” rates reality. If the RBA keeps policy tight, the market worries about demand, discounting, and margin squeeze — and retailers/distributors wear it. URW (+0.63% to 1.02%) is a smaller number, but the direction matters: REITs remain rate-sensitive, and shorts will lean in when bond yields push higher. On the way down, AVZ (-1.98% to 1.26%) was the biggest cover. That sort of move often reflects event-driven positioning being unwound rather than a fundamental re-rate. NXG (-1.23% to 0.89%) and DEG (-0.94% to 2.94%) show shorts taking risk off in parts of energy/uranium and gold. With gold names, a firmer gold price (often tied to USD moves and real yields) can force shorts to reduce exposure quickly. MND (-0.79% to 0.71%) is another risk-off cover — contractors can get a bid when resources capex expectations stabilise, and shorts don’t want to be caught if contract momentum stays strong.
The sector pattern is still dominated by Materials — especially lithium. PLS (21.18%), LTR (9.90%), SYA (8.78%) and CXO (7.81%) keep showing up because lithium is where the earnings downgrades and balance-sheet debates live when prices are weak. But this week added a second storyline: defensives aren’t immune. ACL’s short spike says the market is willing to short healthcare services when it thinks the industry structure is working against margins. Finally, the consumer names (CTT, BAP) are a reminder that rate pressure doesn’t need a recession to hurt — it just needs households to become more selective, and for costs to stay sticky.
Watch the next batch of company results and any RBA/bond-yield volatility — that’s the fuel for short-covering rallies in crowded trades like PLS, and it’s also what can validate (or punish) fresh conviction shorts like ACL.
ACL was the biggest riser, up +1.48% WoW from 7.53% to 9.01% short.
PLS is still number one at 21.18% short, even after a -0.35% WoW dip.
Not really — there was minor covering in PLS (-0.35%) and LTR (-0.46%), but SYA jumped +1.25% and multiple lithium names remain in the top 10.
The usual thesis is margin risk: pathology can be hit by pricing/rebate pressure, competition, and operating leverage if volumes soften — and a +1.48% weekly short jump suggests the market is positioning for that.
Overall shorting was basically flat to slightly lower — the action was stock-specific rather than a broad-based increase in bearish positioning.
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.
