The 10 Most Shorted ASX Stocks · Week 43, 2024
21 Oct 2024 — 25 Oct 2024
Pilbara Minerals (PLS) held the crown as the ASX’s most shorted stock at 19.58% (+0.25% WoW), with uranium still crowded via Boss Energy (BOE) at 15.36% (+0.59%). But the week’s cleanest message was a rotation into domestic cyclicals: Nick Scali (NCK) jumped from 2.23% to 4.75% short (+2.52%), while Mineral Resources (MIN) saw a chunky cover from 11.87% to 9.92% (-1.96%).
By Shorted AI Research · Published · Sourced from official ASIC short position reports (T+4 delay). Methodology · Not financial advice.
Forget lithium for a second. The loudest print this week was furniture. Nick Scali (NCK) short interest ripped from 2.23% to 4.75% in one week — a +2.52% jump that reads like a high-conviction bet that “higher for longer” is about to show up in big-ticket retail numbers.
PLS is still the market’s favourite punching bag: 19.58% short, up +0.25% week-on-week. It remains the liquid ASX proxy for anyone wanting to lean against lithium pricing and sentiment. Uranium stays stacked in the top end of the table. BOE climbed to 15.36% (+0.59%), while PDN eased to 13.71% (-0.13%) and DYL sat at 9.89% (-0.05%). The split is telling: shorts are pressing hardest where execution risk is easiest to target. BOE is in ramp-up mode at Honeymoon, and ramp-ups are where timelines and unit costs can bite. IEL remains a major short at 14.51% (+0.25%). That’s the market keeping pressure on an earnings story tied to policy settings, student flows and confidence in the international education pipeline. In lithium ex-PLS, the tone was less aggressive. LTR slipped to 10.03% (-0.51%) and MIN fell to 9.92% (-1.96%). That’s not a lithium love-in. It’s traders taking chips off a crowded table.
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.
The risers were a hit list of domestic demand. NCK led the board: 2.23% → 4.75% (+2.52%). Furniture is cyclical and closely linked to housing turnover; if fewer people are moving, fewer people are filling new living rooms. AD8 followed: 4.72% → 6.25% (+1.53%). Smaller tech tends to attract shorts when the market is de-rating long-duration growth and the bar for “next year” keeps rising. JLG ticked up: 5.38% → 6.36% (+0.98%). APE rose: 4.59% → 5.49% (+0.89%). DMP lifted: 7.82% → 8.69% (+0.87%). Different businesses, same trade: lean into companies where the consumer (or consumer-adjacent activity) can wobble and margins can get squeezed. On the other side, the covers were just as loud. AX1 was the standout unwind: 4.40% → 2.19% (-2.21%). That’s shorts stepping away from a retailer that’s been executing. MIN also saw meaningful buying-back: 11.87% → 9.92% (-1.96%). This reads as profit-taking and risk control rather than a sudden change of heart — but it does remove some fuel from the downside trade. LOT eased: 9.02% → 7.64% (-1.38%). IFL fell: 4.49% → 3.24% (-1.24%). CHN dipped: 6.52% → 5.65% (-0.88%).
This week wasn’t a market-wide lurch. Across 632 stocks, average short interest was 1.19% and the period average change was -0.03%. The action was targeted. Resources remains the heavyweight arena — lithium (PLS at 19.58%) and uranium (BOE 15.36%, PDN 13.71%, DYL 9.89%, DYL and DYL steady) still dominate the top 10 — but the marginal move was covering in parts of the trade (MIN -1.96%, LTR -0.51%). Meanwhile, shorts rotated into the domestic economy. NCK, APE and DMP all saw meaningful increases, with JLG joining in. It’s a simple macro expression: restrictive rates and softer housing activity hit discretionary spend and turnover-linked categories first.
Watch NCK next week: after a one-week jump from 2.23% to 4.75% short, any trading update or read-through on housing turnover becomes the trigger. A downgrade validates the pile-in; a clean update forces a scramble.
Nick Scali (NCK): 2.23% to 4.75%, a +2.52% week-on-week increase.
Pilbara Minerals (PLS) at 19.58% short, up +0.25% week-on-week.
Uranium names are crowded because ramp-ups and delivery risk create clear pressure points. This week BOE rose to 15.36% (+0.59%), while PDN sat at 13.71% (-0.13%) and DYL at 9.89% (-0.05%).
It usually means shorts are covering to lock in profits or cut risk. This week AX1 fell from 4.40% to 2.19% (-2.21%) and MIN fell from 11.87% to 9.92% (-1.96%).
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.
