The 10 Most Shorted ASX Stocks · Week 4, 2024
TOE gets hit for +2.21% in a week — and NAN joins the hit list
22 Jan 2024 — 26 Jan 2024
Toro Energy (TOE) was the week’s cleanest tell: short interest jumped from 0.07% to 2.28% (+2.21%) — a full-on pile-on in a $60m stock. Up top, the lithium crowd stays packed: Pilbara Minerals (PLS) is still #1 at 20.83% (down 0.36%), while Syrah (SYR) climbed again to 16.93% (+0.57%). Across 703 stocks, average short interest sits at 1.01% and the period average change was -0.09%.
By Shorted AI Research · Published · Sourced from official ASIC short position reports (T+4 delay). Methodology · Not financial advice.
This Week's Analysis
A microcap doesn’t go from 0.07% short to 2.28% short by accident. Toro Energy (TOE) just did it in a week (+2.21%). That’s not a valuation nibble — that’s positioning.
The top of the table is still the battery-materials trade, just with different logos. Pilbara Minerals (PLS) remains the most shorted stock at 20.83%, even after a small trim (-0.36%). That’s not capitulation — it’s housekeeping. The message stays the same: shorts are still leaning on lithium pricing and margin pressure. Syrah Resources (SYR) is where the pressure is building, not easing. Short interest rose from 16.36% to 16.93% (+0.57%). At these levels, incremental shorting is about near-term newsflow risk and funding anxiety, not a slow-burn thesis. Core Lithium (CXO) lifted to 12.96% (+0.34%) and Sayona Mining (SYA) to 11.49% (+0.13%). Same bet: higher-cost operators and developers are the easiest place to press when sentiment turns. Outside materials, IDP Education (IEL) sits at 10.34% (+0.13%). The market is still trading the risks that matter for IEL: regulatory settings, student mobility and currency swings. The rest of the top 10 is a reminder that shorts are happy to spread out when the tape gives them a reason: Genesis Minerals (GMD) at 9.02% (+0.06%), Deep Yellow (DYL) at 8.82% (+0.15%), Weebit Nano (WBT) at 8.61% (+0.13%), Flight Centre (FLT) at 8.32% (-0.03%) and Chalice Mining (CHN) at 6.97% (+0.18%).
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
TOE’s move (0.07% → 2.28%) is the loudest signal on the sheet. In a name this small, that sort of jump is usually a catalyst trade — capital risk, project news, or a sector hedge — because you don’t build that position quietly. Nanosonics (NAN) was the other surge: 4.26% → 5.52% (+1.26%). That’s a sharp weekly lift for a $1.2b healthcare name, and it reads like funds getting set ahead of a result or update. When short interest moves that fast, the market is paying for optionality. Syrah (SYR) also made the risers list (16.36% → 16.93%, +0.57%), reinforcing that the battery-materials short is still being added to, not just maintained. In consumer names, Domino’s (DMP) ticked up from 4.22% to 4.66% (+0.44%). Select Harvests (SHV) matched that move (6.02% → 6.46%, +0.44%). Different businesses, same setup: margins and demand sensitivity get tested when costs stay sticky. Covering was more decisive than the index-level average suggests. APM Human Services (APM) fell from 2.22% to 1.36% (-0.87%). Iluka Resources (ILU) eased from 3.02% to 2.23% (-0.79%). Rural Funds Group (RFF) dropped from 1.90% to 1.14% (-0.76%), and GWA Group (GWA) from 1.57% to 0.80% (-0.76%). Appen (APX) also saw shorts cut back: 6.25% → 5.58% (-0.67%).
Industry Positioning
Materials still run the short book, and lithium still sets the tone: PLS (20.83%), SYR (16.93%), CXO (12.96%) and SYA (11.49%) keep the top end crowded. The change this week is the direction of travel — PLS was trimmed, but SYR and CXO were added to. The second theme is shorts rotating into “quality” where expectations are high. NAN’s jump to 5.52% is the cleanest example. And the rate-sensitive short isn’t the easy money it was. RFF’s move down to 1.14% is consistent with traders taking risk off that trade at the margin, even while the broader market’s average short interest sits at 1.01%.
Outlook
Watch NAN’s short interest next week: if it keeps climbing after a +1.26% jump to 5.52%, the market is signalling a near-term catalyst. In materials, the tell is SYR — another step up from 16.93% would confirm shorts are still pressing the battery-materials book while trimming only at the very top (PLS).
Frequently Asked Questions
Is a move from 0.07% to 2.28% short interest (TOE) a big deal?
Yes. That’s a +2.21% weekly jump, and in a $60m stock it usually reflects deliberate positioning around a near-term catalyst rather than a gradual change in sentiment.
Why are PLS, SYR, CXO and SYA so high on the short list?
They’re liquid ways to express the same view: pressure on battery-materials pricing and margins. This week PLS stayed highest at 20.83% (down 0.36%), while SYR rose to 16.93% (+0.57%) and CXO to 12.96% (+0.34%).
What does the jump in Nanosonics (NAN) shorts to 5.52% mean?
Short interest rose from 4.26% to 5.52% (+1.26%) in a week, which is aggressive positioning. It often lines up with traders setting up for a result or guidance risk.
What does the overall market shorting data say this week?
Across 703 stocks, average short interest is 1.01% and the period average change was -0.09%, meaning shorting pressure eased slightly overall even though a few names saw sharp increases.
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.