The 10 Most Shorted ASX Stocks · Week 9, 2024
26 Feb 2024 — 1 Mar 2024
Pilbara Minerals (PLS) stays the market’s #1 short at 21.31% (+0.07% WoW), but the week’s message was rotation, not a blanket risk-off. Shorts hit Australian Clinical Labs (ACL) (+1.38% to 8.80%) and Flight Centre (FLT) (+1.22% to 9.66%) while covering hard in IGO (-3.55% to 0.81%), Chalice (CHN) (-3.35% to 6.87%) and Core Lithium (CXO) (-3.24% to 8.42%).
By Shorted AI Research · Published · Sourced from official ASIC short position reports (T+4 delay). Methodology · Not financial advice.
This week wasn’t about piling into the same old resource shorts. It was about getting out — fast — and redeploying. IGO’s short interest fell from 4.36% to 0.81% in a single week (-3.55%), CXO dropped from 11.66% to 8.42% (-3.24%), and the freed-up risk budget showed up straight away in ACL (up to 8.80%) and FLT (up to 9.66%). Rotation. Clean and sharp.
PLS remains the pressure point at 21.31% short (+0.07%). The position is still crowded and still anchored to lithium pricing risk — and the lack of covering says the market wants to keep that hedge on. SYR eased to 16.56% (-0.56%). That’s trimming, not surrender, but it’s a meaningful step down in a name that’s been a magnet for shorts. IEL lifted to 10.51% (+0.28%). The trade here stays tied to international student settings and demand uncertainty, with currency sensitivity as the kicker. DYL sits at 9.88% (-0.06%). Uranium shorts didn’t blink this week. FLT jumped to 9.66% (+1.22%). That’s a big weekly add into a cyclical, consumer-exposed business where any margin wobble gets punished. GMD rose to 9.49% (+0.23%). A steady grind higher in shorting rather than a rush. ACL was the loudest move inside the top 10: 8.80% (+1.38%). Pathology is a scale-and-pricing game; when shorts move this quickly, they’re usually positioning for an earnings or margin narrative. CXO is the standout for the opposite reason: still heavily shorted at 8.42%, but the week was dominated by covering (-3.24%). WBT at 8.00% (+0.13%) barely moved — still a high-volatility, high-short tech name. LTR ticked up to 7.96% (+0.40%), a reminder that lithium shorts haven’t left — they’re being redistributed.
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 adds were concentrated and decisive. ACL: 7.42% → 8.80% (+1.38%). FLT: 8.44% → 9.66% (+1.22%). SVW: 0.61% → 1.74% (+1.13%). NCK: 2.19% → 3.21% (+1.02%). SLC: 0.36% → 1.35% (+1.00%). That mix tells you where shorts want exposure: consumer cyclicals (FLT, NCK) and earnings-sensitive service businesses (ACL), with a smaller but sharp hedge added to a big industrial (SVW). Then came the covers — and they were violent. IGO: 4.36% → 0.81% (-3.55%). CHN: 10.22% → 6.87% (-3.35%). CXO: 11.66% → 8.42% (-3.24%). IHWL: 3.22% → 0.09% (-3.14%). SHV: 6.71% → 4.13% (-2.58%). IGO’s move is the headline: that’s not a drift lower, that’s shorts leaving the building. CHN and CXO read the same way — profit taken, crowding reduced. IHWL collapsing to 0.09% looks like a hedge being closed rather than a fresh view on global equities.
At the market level, nothing broad-based happened: 680 stocks shorted, average short interest 1.04%, and the period average change was -0.01%. This was targeted repositioning. Two themes ran in parallel. First: lithium is still the market’s favourite punching bag, but it’s getting more selective. PLS stayed pinned at 21.31% while CXO saw heavy covering and LTR edged higher to 7.96%. That’s rotation inside the trade — keeping the liquid proxy, taking profit on the smaller, more volatile names. Second: shorts are leaning harder into the domestic earnings cycle. FLT and NCK are straight consumer discretionary exposure. ACL says even “defensive” healthcare services can get hit when pricing, costs, or competition become the story. With rates still doing the damage to household budgets, that’s where the incremental shorts went this week.
Watch whether FLT breaks through 10% short next week — it’s already at 9.66% after a +1.22% jump. If shorts keep adding there while ACL holds above 8.80%, the trade has moved from “resources clean-up” to a full consumer-and-earnings squeeze.
Pilbara Minerals (PLS) is the most shorted at 21.31% (up +0.07% week-on-week).
Australian Clinical Labs (ACL) rose the most, up +1.38% to 8.80% short.
IGO (IGO) had the largest fall in short interest, down -3.55% to 0.81%.
Both. PLS stayed extremely high at 21.31% (+0.07%), LTR rose to 7.96% (+0.40%), but CXO saw heavy covering from 11.66% to 8.42% (-3.24%), pointing to rotation rather than a clean exit.
Moves like ACL (+1.38%), FLT (+1.22%), SVW (+1.13%), NCK (+1.02%) and SLC (+1.00%) are large week-to-week and usually reflect positioning for near-term earnings, guidance, or sector catalysts rather than slow-moving long-term views.
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.
