BOE at 16.69%: shorts keep loading the uranium trade
Week 5, 2026 (26 Jan 2026 — 30 Jan 2026)
Boss Energy (BOE) stayed the ASX’s most shorted stock at 16.69% (+0.51% WoW), and the rest of the uranium-adjacent cluster also got heavier: Silex Systems (SLX) 9.02% (+0.82%) and Deep Yellow (DYL) 7.87% (+0.27%). The week’s cleanest tell was Australian Clinical Labs (ACL), where shorts jumped from 2.52% to 4.05% (+1.52%), even as the market’s average short position slipped -0.06% WoW. [ref-1]
This Week's Analysis
The market’s average short position fell -0.06% week-on-week. The top of the table didn’t get the memo. BOE is now 16.69% short (+0.51%), and it’s dragging company: SLX at 9.02% (+0.82%) and DYL at 7.87% (+0.27%). Shorts aren’t trimming uranium exposure — they’re adding to it. 1
Every stock in this week’s top 10 saw short interest rise WoW — a rare “no relief” read on the most crowded names. 1 At the top, BOE sits at 16.69% (+0.51%). Next is GYG at 14.07% (+0.36%), where the valuation tension is obvious: FY25 NPAT was $14.5 million, while the stock screens on a P/E of 153.1. 1 2 FLT is third at 11.98% (+0.48%). The business printed FY2025 revenue of 2,783,944 ($m) and flagged FY25 UPBT guidance of $280 million to $300 million, but the short line keeps creeping higher. 1 3 TLX holds 11.82% (+0.40%). Then the resources block resumes: SLX at 9.02% (+0.82%), LYC at 8.91% (+0.67%), ILU at 7.95% (+0.32%), DYL at 7.87% (+0.27%), and IPX at 7.75% (+0.28%). BRG is the consumer wildcard in the middle at 8.35% (+0.37%). 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
The week’s biggest repositioning was ACL: 2.52% → 4.05% (+1.52%). In a market where the average short is 1.12% across 406 names, that’s a meaningful shift in a single print. 1 Then there’s AX1: 5.02% → 5.94% (+0.92%). Shorts added even with FY25 NPAT of $57.7 million, total sales of $1.62 billion, and total dividends declared during the year of 7.00 cents per share (fully franked). That’s not a bet that last year was ugly — it’s a bet that the next one is. 1 4 On the cover list, TPW was the cleanest unwind: 1.52% → 0.69% (-0.83%). APX also eased: 2.77% → 2.06% (-0.72%). EOS slid 1.65% → 0.97% (-0.69%), and APZ fell 1.32% → 0.80% (-0.52%). 1
Industry Trends
This week’s table reads like two trades running in parallel. Trade one: uranium and adjacent resources execution risk. BOE (16.69%), SLX (9.02%) and DYL (7.87%) all added shorts WoW, and LYC (8.91%) and ILU (7.95%) keep the broader materials complex crowded. 1 Trade two: consumer names where the numbers are fine, but the market wants a bigger margin of safety. GYG is still pinned at 14.07% short, FLT is 11.98%, BRG is 8.35%, and AX1’s short line moved up to 5.94% in the risers list. 1
Outlook
Watch whether BOE can keep absorbing fresh shorts after printing a FY2025 net loss after tax of $34.2 million — because at 16.69% short, it doesn’t take much of a narrative shift for positioning to become the story. 1 5
Frequently Asked Questions
What was the most shorted ASX stock this week?
Boss Energy (BOE) was the most shorted at 16.69%, up +0.51% week-on-week. [ref-1]
Which stock had the biggest rise in short interest this week?
Australian Clinical Labs (ACL) rose from 2.52% to 4.05%, a +1.52% increase. [ref-1]
Is short interest still building in uranium-linked names?
Yes. BOE increased to 16.69% (+0.51%), SLX increased to 9.02% (+0.82%), and DYL increased to 7.87% (+0.27%). [ref-1]
Which names saw the biggest short covering this week?
Temple & Webster (TPW) fell from 1.52% to 0.69% (-0.83%), and Appen (APX) fell from 2.77% to 2.06% (-0.72%). [ref-1]
Sources
- ASIC short position data via Shorted.com.au weekly report (2026-W05, Report Date 2026-01-30; Previous Date 2026-01-23)(2026-01-30) [asic data]
- ASX announcement: GYG "2025 GYG Full Year Results ASX Announcement"(2025-08-22) [financial report]
- ASX announcement: FLT "FY25 Appendix 4E and Annual Report"(2025-08-27) [financial report]
- ASX announcement: AX1 "Annual Report to shareholders"(2025-10-20) [financial report]
- ASX announcement: BOE "FY2025 Financial Results"(2025-08-29) [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.