The 10 Most Shorted ASX Stocks · Week 28, 2026
Shorts lean into the GMD rally — 3.27-sigma jump on a +9.84% week
6 July 2026 — 10 July 2026
Index-level shorting barely moved (average short %: 1.44%; WoW average change: -0.00%), but the tape underneath was busy: 153 risers versus 127 fallers. GMD was the outlier, lifting from 5.89% to 6.49% (+0.60%) on a +3.27 z-score as the stock rose to $6.03 (+9.84%). Up top, LOT stayed pinned at 22.81% short, while DMP’s 13.86% comes with a nasty 33.5 days-to-cover.
By Shorted AI Research · Published · Sourced from official ASIC short position reports (T+4 delay). Methodology · Not financial advice.
This Week's Analysis
GMD ripped higher — and shorts added anyway. Short interest jumped from 5.89% to 6.49% (+0.60%), a +3.27-sigma move against its own 13-week pattern, while the share price closed at $6.03 (+9.84% for the week) 1 2. That’s the cleanest signal in this report: some funds are fading the rally, not chasing it.
At the top of the leaderboard, LOT remains the ASX’s most shorted stock at 22.81% (WoW +0.00%). It’s not just big — it’s crowded, with 14.7 days-to-cover 1. Second is DMP at 13.86% (WoW -0.04%), but the real number is 33.5 days-to-cover. That’s a position that can’t leave quickly if the tape turns 1. The rest of the top 10 barely budged week-on-week: DRO 11.94% (-0.20%), TLX 11.90% (+0.23%), BOE 11.77% (-0.09%), 4DX 11.48% (-0.13%), FLT 11.43% (-0.02%), PDN 11.39% (-0.02%), CAR 11.32% (-0.01%), TWE 10.92% (-0.04%) 1. Crowding risk isn’t just DMP. CAR sits at 24.8 days-to-cover, and TWE at 23.5 — both are the kind of shorts that can get sticky around news flow 1.
Daily Snapshots
Top Shorted Stocks This Week
Financial Snapshot
Key financial metrics from recent company reports for the most shorted stocks.
Biggest Risers
Stocks with the largest increase in short interest this week.
Biggest Fallers
Stocks with the largest decrease in short interest this week.
Movers Analysis
The loudest add was GMD: 5.89% → 6.49% (+0.60%), with 12.5 days-to-cover 1. The timing matches a burst of deal-related headlines around Vault, including “Genesis Delivers Superior Proposal to Vault” and “VAU: Receipt of Superior Proposal from Genesis Minerals” 3. Shorts are stepping in front of that momentum. Two other “shorts into strength” tells: - COH: 9.50% → 9.76% (+0.26%) as the stock pushed to $127.86 (+5.60% week; +34.45% month) 4 2. - TLX: 11.67% → 11.90% (+0.23%) while the stock ran to $17.38 (+7.48% week; +34.83% month) 1 2. XRO is the slower-burn campaign. Shorts lifted from 4.15% to 4.42% (+0.27%) for a 3-week rising streak, with the stock at $73.56 (+1.91% week) 1 2. That’s happening after FY26 operating revenue of $2,753.081 million and FY27 operating revenue guidance of $3,620 million to $3,730 million 5. On the unwind side, MP1 was the biggest cover: 4.88% → 3.51% (-1.37%), a 3-week falling streak, even as the stock dropped to $18.85 (-7.10% week) 6 2. And ASK was the cleanest “get me out” print: 0.77% → 0.07% (-0.70%), a -3.64-sigma drop, with 0.9 days-to-cover — easy exit, taken 7.
Industry Positioning
- Automobiles & Components4.95%+1.283 stockstopPWH7.29%
- Food, Beverage & Tobacco4.58%+0.019 stockstopTWE10.92%
- Consumer Staples Distribution & Retail3.66%-0.035 stockstopEDV9.81%
- Consumer Services2.79%-0.0128 stockstopDMP13.86%
- Health Care Equipment & Services2.72%0.0032 stockstop4DX11.48%
- Real Estate Management & Development2.21%-0.029 stockstopLIC7.55%
- Insurance2.15%-0.0410 stockstopGDG6.05%
- Consumer Discretionary Distribution & Retail1.81%0.0030 stockstopBAP9.83%
- Banks1.69%-0.229 stockstopJDO3.25%
- Software & Services1.67%-0.0436 stockstopWTC8.01%
- Pharmaceuticals, Biotechnology & Life Sciences1.63%+0.0131 stockstopTLX11.90%
- Media & Entertainment1.56%0.0017 stockstopCAR11.32%
The sector move that actually mattered was Automobiles & Components: average short interest rose to 4.95% (WoW +1.28%) across 3 stocks, with PWH the most shorted at 7.29% 8. Beyond that, the big pools were steady rather than stampeding. Food, Beverage & Tobacco averaged 4.58% (WoW +0.01%) with TWE the most shorted at 10.92% 8. Consumer Services averaged 2.79% (WoW -0.01%) with DMP the most shorted at 13.86% 8. Pharmaceuticals, Biotechnology & Life Sciences averaged 1.63% (WoW +0.01%) with TLX the most shorted at 11.90% 8.
Outlook
One thing to watch next week: does GMD’s short position keep building into a third straight weekly rise after a +3.27-sigma jump to 6.49%? If it does, that’s a sustained campaign, not a one-off reaction to the deal headlines 1 3.
Frequently Asked Questions
What does “days-to-cover” mean, and why is DMP’s 33.5 so high?
Days-to-cover estimates how many trading days it would take short sellers to buy back shares using average trading volume. DMP’s 33.5 days-to-cover means the exit door is narrow — if shorts need to cover quickly, it can take a long time.
Which stock had the most statistically unusual short-interest move this week?
GMD: short interest rose from 5.89% to 6.49% (+0.60%) with a +3.27 z-score, meaning the move was extreme versus its own 13-week history [ref-1].
Why did shorts increase in XRO after results?
XRO short interest rose from 4.15% to 4.42% (+0.27%) for a 3-week rising streak [ref-1]. That’s happening after FY26 operating revenue of $2,753.081 million and FY27 operating revenue guidance of $3,620 million to $3,730 million, suggesting some investors are still leaning against the post-result narrative [ref-5].
Did shorting broaden out across the ASX this week?
Yes. 153 stocks saw rising short interest versus 127 fallers (moves >0.01pp), even though the overall WoW average change was -0.00% [ref-9].
Sources
- ASIC short position data (Week 2026-W28, report date 2026-07-06): Top 10 and movers including GMD 5.89%→6.49% (z-score +3.27), LOT 22.81%, DMP 13.86% (33.5 days-to-cover), TLX 11.90%, XRO 4.42%, MP1 3.51%, ASK 0.07%(2026-07-06) [asic data]
- Stock price data (Week 2026-W28): GMD $6.03 (+9.84%), XRO $73.56 (+1.91%), MP1 $18.85 (-7.10%), COH $127.86 (+5.60%), TLX $17.38 (+7.48%)(2026-07-06) [price data]
- ASX announcement list (2026-07-06): GMD-related headlines including “Genesis Delivers Superior Proposal to Vault” and “VAU: Receipt of Superior Proposal from Genesis Minerals”(2026-07-06) [announcement]
- COH Appendix 4D and Half Year Financial Report(2026-02-13) [financial report]
- XRO FY26 Annual Results Market Release (operating revenue $2,753,081,000; FY27 operating revenue guidance $3,620 million to $3,730 million)(2026-05-14) [financial report]
- MP1 ASIC short position data (Week 2026-W28): short interest 4.88%→3.51% (-1.37%), streak 3 weeks, days-to-cover 3.9(2026-07-06) [asic data]
- ASK ASIC short position data (Week 2026-W28): short interest 0.77%→0.07% (-0.70%), z-score -3.64, days-to-cover 0.9(2026-07-06) [asic data]
- Industry breakdown aggregates (Week 2026-W28): Automobiles & Components avg 4.95% (WoW +1.28%, most shorted PWH 7.29%); Food, Beverage & Tobacco avg 4.58% (WoW +0.01%, most shorted TWE 10.92%); Consumer Services avg 2.79% (WoW -0.01%, most shorted DMP 13.86%); Pharmaceuticals, Biotechnology & Life Sciences avg 1.63% (WoW +0.01%, most shorted TLX 11.90%)(2026-07-06) [asic data]
- Market statistics (Week 2026-W28): total stocks shorted 713, average short % 1.44%, median short % 0.33%, WoW average change -0.00%, breadth 153 risers vs 127 fallers(2026-07-06) [asic data]
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.