Shorts rotate hard: NUF nearly triples as ASX and IEL get covered
Week 21, 2025 (19 May 2025 — 23 May 2025)
The market’s average short position barely moved (+0.01% across 645 stocks), but the tape was anything but quiet: Nufarm (NUF) jumped from 0.97% to 2.71% (+1.73%) while ASX Ltd (ASX) was aggressively covered from 2.87% to 1.16% (-1.71%). Boss Energy (BOE) still wears the crown at 21.56% short, but the bigger signal this week was funds trimming crowded winners (BOE -0.80%, IEL -1.29%) and redeploying into fresh earnings-risk targets (TWE +1.01%, APX +1.21%).
This Week's Analysis
This week wasn’t “short everything”. It was sniper fire. Nufarm (NUF) almost tripled in short interest — 0.97% to 2.71% (+1.73%) — while ASX Ltd (ASX) saw a clean exit, 2.87% to 1.16% (-1.71%). In a market where the period average change was just +0.01%, those are deliberate moves.
BOE remains the most shorted name on the ASX at 21.56%, even after shorts pulled back from 22.37% (-0.80%). That’s still a huge position against a $660m uranium producer ramping Honeymoon, and it reads like risk management rather than a change of heart: keep the core bet, trim the size. Paladin (PDN) is steady at 15.57% (+0.04%). Deep Yellow (DYL) eased to 11.46% (-0.25%). Put the uranium trio together and you get the same message: the trade is still crowded, but some funds are taking chips off the table. Lithium stays glued to the top end of the list. Mineral Resources (MIN) sits at 13.88% (-0.18%), Liontown (LTR) at 12.66% (+0.02%), and Pilbara Minerals (PLS) at 12.03% (+0.13%). No capitulation, no clean unwind — just persistent pressure and stock-by-stock positioning inside the same theme. Outside resources, the most important change in the top 10 was IDP Education (IEL): 13.35% to 12.06% (-1.29%). That’s meaningful covering in a heavily shorted name, and it looks like profit-taking after a long run of negative positioning rather than fresh conviction to press it lower.
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
Fresh shorts went hunting where the next earnings downgrade could live. NUF: 0.97% to 2.71% (+1.73%). When a stock moves this fast from a low base, it’s rarely a “broken business” call. It’s a near-term margin and cycle bet in ag chemicals — input costs, seasonal demand and regulatory noise are exactly the kind of mix that attracts shorts. APX: 2.34% to 3.55% (+1.21%). Appen is back in the crosshairs. The market is happy to trade AI headlines; shorts want proof in revenue quality and customer concentration risk. TWE: 7.40% to 8.41% (+1.01%). That’s a big weekly add on an already high short. The positioning says the market is leaning into earnings sensitivity — global demand and currency swings can turn guidance into a moving target. (See TWE’s sustainability report for the breadth of its global footprint: https://a.storyblok.com/f/171317/x/c3d39083c7/2025_twe_sustainability_report.pdf) ALX: 1.28% to 2.12% (+0.84%). Toll roads are a rates trade in disguise. When bond yields stop behaving, infrastructure valuations get repriced quickly. ALX’s H1 2025 materials underline the offshore exposure that also brings currency into the mix (H1 2025 Results Announcement: https://d3ar6irj6sybdw.cloudfront.net/stores/_sharedfiles/H1_2025_Results/H1%202025%20Results%20Announcement.pdf). LNW: 0.66% to 1.50% (+0.83%). Gaming names attract shorts ahead of regulatory and headline risk — positions can be built quickly because the stock can gap quickly. On the cover side, ASX was the cleanest tell: 2.87% to 1.16% (-1.71%). That’s not trimming — that’s leaving. Megaport (MP1) also saw a sharp reduction, 6.12% to 4.50% (-1.62%), consistent with shorts stepping back from tech where execution is holding up (MP1 H1 FY25 investor presentation: https://www.megaport.com/pdf/MP1_H1_FY25_Half_Year_Results_Investor_Presentation.pdf). BOE (-0.80%) and Cettire (CTT) (10.78% to 9.98%, -0.80%) rounded out the profit-taking.
Industry Trends
The top of the ASX short book is still resources-heavy, but the behaviour changed. Uranium is the crowded theatre: BOE 21.56%, PDN 15.57%, DYL 11.46%. This week’s modest covers in BOE and DYL suggest funds are managing exposure rather than doubling down. Lithium remains a grind: MIN 13.88%, LTR 12.66%, PLS 12.03%. PLS ticking up (+0.13%) while MIN ticks down (-0.18%) is what a sector trade looks like when it stops being a blunt instrument and becomes stock selection. The more surprising rotation was into non-resources earnings risk: NUF’s surge (+1.73%) and TWE’s lift (+1.01%) say shorts are widening the net beyond commodities and into margin-sensitive businesses. Meanwhile, ASX getting covered hard (-1.71%) shows the market is less interested in leaning against “defensive” cashflows right now than it was a week ago.
Outlook
Watch BOE’s short position next week: if it keeps sliding from 21.56% while PDN holds around 15.57%, that’s the clearest sign the uranium crowd is unwinding — and that’s when price moves get sharp.
Frequently Asked Questions
What is the most shorted stock on the ASX this week?
Boss Energy (BOE) is the most shorted at 21.56% of shares short, down from 22.37% (-0.80%) week-on-week.
Which stock had the biggest jump in short interest this week?
Nufarm (NUF) rose from 0.97% to 2.71%, an increase of +1.73% — the largest weekly rise in the data.
Which stock saw the biggest short covering this week?
ASX Ltd (ASX) fell from 2.87% short to 1.16%, a decrease of -1.71% — the largest weekly fall in the data.
Are uranium stocks still heavily shorted?
Yes. BOE is 21.56% short, Paladin (PDN) is 15.57% short, and Deep Yellow (DYL) is 11.46% short.
Did overall shorting increase across the market this week?
No. Across 645 stocks, the average short percentage was 1.34% and the period average change was +0.01%, so the moves were concentrated in specific names.
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.