CUV shorts teleport to 12.15% as VUL gets a 6.35% unwind
Week 50, 2025 (8 Dec 2025 — 12 Dec 2025)
This week’s tape had two moves that mattered: Clinuvel (CUV) surged from 6.56% to 12.15% short (+5.59%), crashing straight into the top 10 at #5, while Vulcan Energy (VUL) saw shorts collapse from 9.49% to 3.14% (-6.35%) [ref-1]. Boss Energy (BOE) still wears the crown at 22.37% short despite a -0.90% weekly pullback, and Domino’s (DMP) tightened its grip on #2 at 17.80% (+1.00%) [ref-1].
This Week's Analysis
CUV didn’t climb the ladder — it took the lift. Short interest jumped from 6.56% to 12.15% in a single week (+5.59%), instantly making it the ASX’s #5 most-shorted stock 1.
At the top, BOE remains the market’s biggest battleground at 22.37% short, even after a -0.90% week-on-week easing 1. DMP is the clear #2 at 17.80% after another +1.00% lift — and the fundamentals give shorts a clean narrative: FY2025 revenue from ordinary activities fell -3.1% to $2,303.7M and statutory profit after tax landed at -$3.7M 2. Behind them, the rest of the top 10 reads like a list of crowded debates: GYG at 13.27% (-0.07%), PDN at 13.09% (+0.13%), CUV at 12.15% (+5.59%), PWH at 11.53% (+0.37%), FLT at 11.52% (-0.20%), IEL at 11.49% (-0.64%), PNV at 11.21% (+0.02%), and IPH at 11.06% (+0.34%) 1.
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
CUV was the week’s main event. Shorts added +5.59% despite FY2025 revenue of $95.017570M and net profit of $36.172518M, plus a fully franked final dividend of 5c 3. When positioning moves that fast, it’s rarely “just” portfolio tidying. DMP’s build continued (16.80% → 17.80%, +1.00%) 1. The FY25 numbers are the kind that keep a short thesis alive: revenue from ordinary activities down -3.1% to $2,303.7M and profit after tax at -$3.7M 2. Outside the headline names, shorts also pushed up in ELD (5.08% → 5.93%, +0.85%) and BAP (6.31% → 7.15%, +0.83%) 1. ELD’s FY2025 profit after tax rose +12% to $50.291M, with revenue up +2% to $3,201.71M 4 — yet shorts still leaned in. BAP’s FY25 revenue declined -1.5% to $1,900M 5, and the short interest move suggests the market wants more proof the fix is working. Then came the exit. VUL saw a full unwind: 9.49% → 3.14% (-6.35%) 1. ARU also de-crowded (3.71% → 0.82%, -2.88%), and JBH eased (2.99% → 1.35%, -1.64%) 1.
Industry Trends
This wasn’t a broad market de-risking — it was stock-specific violence. Across 655 stocks, the average short position was 1.27% and the average week-on-week change was -0.02% 1. Sector-wise, uranium stays a magnet for big bets: BOE at 22.37% and PDN at 13.09% keep the theme front and centre 1. In consumer, the split is sharp: shorts added to DMP (17.80%) while pulling back in JBH (1.35%) 1. And in healthcare/biotech, CUV’s jump to 12.15% is the kind of positioning that can start dictating the price action, not just reflecting it 1.
Outlook
One thing to watch next week: whether CUV holds at 12.15% short or pushes higher again — a second leg would confirm this is a fresh, conviction build rather than a one-off rebalance 1.
Frequently Asked Questions
What was the biggest short-interest move on the ASX this week?
CUV rose from 6.56% to 12.15% (+5.59%), while VUL fell from 9.49% to 3.14% (-6.35%) [ref-1].
Which ASX stock is the most shorted right now?
BOE is the most shorted at 22.37% (WoW change: -0.90%) [ref-1].
Why is Domino’s (DMP) still heavily shorted?
Short interest increased from 16.80% to 17.80% (+1.00%) and FY2025 revenue from ordinary activities fell -3.1% to $2,303.7M, with profit after tax at -$3.7M [ref-1] [ref-2].
What does a big drop in short interest like VUL’s mean?
It means short sellers closed positions: VUL’s short interest fell from 9.49% to 3.14% (-6.35%) in one week [ref-1].
Sources
- Shorted.com.au / ASIC short position aggregation (Week 2025-W50, Report Date 2025-12-12; top 10, risers/fallers, market statistics)(2025-12-12) [asic data]
- ASX announcement: Domino's Pizza Enterprises Ltd FY25 Appendix 4E / Annual Report(2025-08-27) [financial report]
- ASX announcement: Clinuvel Appendix 4E and Annual Report to Shareholders 2025(2025-08-28) [financial report]
- ASX announcement: Elders Appendix 4E and Annual Report for Year Ended 30/9/2025(2025-11-17) [financial report]
- ASX announcement: Bapcor 2025 Annual Report(2025-09-24) [financial report]
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.