The 10 Most Shorted ASX Stocks · Week 26, 2024
24 June 2024 — 28 June 2024
PLS remains the ASX’s most shorted name at 21.22% (+0.39% WoW), keeping lithium front and centre for short sellers. The week’s loudest move was BGL, where shorts jumped from 4.22% to 6.58% (+2.36%). On the flip side, shorts backed off several battered lithium juniors: CXO fell 1.73% to 5.08% and SYA dropped 1.00% to 8.91%.
By Shorted AI Research · Published · Sourced from official ASIC short position reports (T+4 delay). Methodology · Not financial advice.
The headline number is still PLS at 21.22% short — a huge position by any standard — and it even ticked higher (+0.39% WoW). But the real message this week is the rotation inside resources shorts: a sharp hit into BGL (+2.36%) while shorts covered a cluster of smaller lithium names (CXO, SYA, LKE). That looks less like “resources bearish” and more like shorts getting picky about balance sheets, project risk and near-term catalysts.
PLS (21.22%, +0.39%) remains the market’s favourite short. The likely thesis hasn’t changed: lithium pricing pressure and the risk that earnings and cashflows disappoint if spodumene stays weak. When a stock is this heavily shorted, even small weekly moves matter — and +0.39% suggests the conviction is still there. IEL (12.97%, -0.24%) eased slightly. Shorts are still large, but the trimming hints at some profit-taking after a rough run. The core bear case is usually policy and visa settings plus student demand volatility; with a position this big, any sign of stabilisation can force incremental covering. LTR (11.16%, -0.15%) also saw mild covering. That’s consistent with the market treating lithium developers differently to producers: less immediate earnings sensitivity, but plenty of funding and execution risk. Shorts aren’t fleeing — they’re just not adding. SYR (10.24%, +0.61%) is the standout add inside the top 10. A +0.61% weekly lift at this level is punchy. The most likely read is renewed scepticism around operational delivery and pricing power in battery materials. FLT (10.23%, -0.10%) is steady-high. With consumer spending under pressure from rates, travel names can wear shorts as a hedge against demand wobble, even if volumes hold up. ACL (9.29%, +0.14%) edged higher. Pathology is defensive, so shorts here usually signal margin/regulatory anxiety rather than top-line collapse. WGX (9.23%, -0.65%) and CHN (9.20%, -0.53%) both saw meaningful covering. For WGX, gold’s support and improved sentiment to producers can squeeze shorts. For CHN, the covering suggests less appetite to press exploration/development risk at current levels; investors can cross-check the company’s project framing in its Gonneville PFS materials (https://chalicemining.com/wp-content/uploads/2025/12/61302010.pdf). SYA (8.91%, -1.00%) had one of the biggest covers in the whole market, while LYC (8.81%, +0.42%) moved the other way — a neat example of shorts rotating from higher-risk lithium names into larger, more liquid “macro shorts”.
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.
BGL was the week’s main event: shorts surged from 4.22% to 6.58% (+2.36%). That’s not normal weekly noise — it’s a statement. The cleanest explanation is positioning into company-specific risk (delivery, costs, guidance credibility) rather than a broad gold call, because other gold exposure (WGX) saw shorts cut. GYG jumped from 0.07% to 1.85% (+1.77%). For a newly listed, high-profile consumer name, that looks like valuation policing. When a stock lists at a premium multiple, shorts often show up quickly to test how real the growth is once the hype fades. CSC lifted from 0.93% to 2.58% (+1.65%). That’s a sizeable build and reads like commodity-cycle scepticism or deal/asset-level uncertainty being expressed through a large, liquid materials name. ABC went from 0.00% to 1.65% (+1.65%). Cement and construction materials are classic “rates stay higher for longer” shorts: if building activity slows, volumes and pricing get harder. DXS rose from 3.72% to 4.54% (+0.82%). REIT shorts tend to track bond yields and refinancing risk. A near-1% weekly lift suggests the market is still nervous about rate sensitivity and asset revaluations. On the cover side, CXO (6.81% to 5.08%, -1.73%), SYA (-1.00%) and LKE (2.60% to 1.77%, -0.83%) all saw shorts pull back. That’s a pattern: shorts are taking money off the table in the smaller, more distressed lithium cohort — either because the easy downside has been captured, or because the risk/reward is shifting ahead of sector newsflow. SGR (4.62% to 3.87%, -0.74%) also saw covering. That can happen when a stock is already heavily punished and the incremental bad news is priced; shorts don’t need to be heroes at the bottom.
Resources still dominate the short list: PLS, LTR, SYR, WGX, CHN, SYA, LYC — plus lithium fallers CXO and LKE. But the nuance this week matters. Shorts added to big, liquid exposures (PLS, LYC) and to a specific problem-child (SYR), while covering smaller lithium names (CXO, SYA, LKE). That’s consistent with a “stay bearish lithium, manage single-name blow-up risk” approach. Outside resources, the message is rates. DXS shorts rising (+0.82%) and ABC shorts appearing from zero (+1.65%) both fit a market that still doesn’t trust the interest-rate outlook. Meanwhile, GYG’s short build is the other 2024 theme: growth/consumer IPOs get tested quickly when the market is unforgiving on valuation.
Watch for any fresh moves in lithium pricing and broader rates/bond yields — this week’s shorting was basically a referendum on those two forces. Also keep an eye on whether BGL’s new 6.58% short position keeps building; if it does, the market is signalling a catalyst is close.
Because it’s a liquid way to express a bearish lithium view, and the position is still growing (+0.39% WoW), suggesting shorts think pricing pressure will keep biting earnings.
Yes — moving from 4.22% to 6.58% in a week is aggressive and usually points to a company-specific catalyst or rising scepticism about execution.
It looks like profit-taking and risk management in smaller lithium names: CXO fell 1.73% to 5.08%, SYA fell 1.00% to 8.91%, and LKE fell 0.83% to 1.77%.
REIT shorts usually track rate and valuation risk; the +0.82% WoW lift suggests the market is still leaning against property trusts if yields stay elevated.
A move from 0.07% to 1.85% (+1.77%) is typical when a high-profile consumer growth stock lists at a premium — shorts test whether the growth narrative can justify the price.
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.
