Week 6, 2026 (2 Feb 2026 — 6 Feb 2026)
Flight Centre (FLT) was the week’s loudest signal: short interest surged 11.98% → 12.84% (+0.86%), the biggest move in the market. Consumer-facing shorts stayed crowded at the top — Domino’s (DMP) led at 16.62% (flat) and Guzman y Gomez (GYG) sat at 14.10% (+0.03%). In resources, Pilbara Minerals (PLS) shorts climbed 7.56% → 8.17% (+0.60%), while Magellan (MFG) saw covering 4.96% → 4.34% (-0.62%).
Short sellers didn’t spread their bets this week — they concentrated them. FLT copped a 0.86% jump in short interest in a single week, taking it to 12.84% and deeper into the top 10. That’s not housekeeping. That’s a view.
Domino’s (DMP) still wears the crown at 16.62% (no change). The message in the flat line is simple: the position is entrenched. Shorts aren’t chasing it higher or running for cover — they’re sitting there, waiting for proof the margin and growth story can carry. Guzman y Gomez (GYG) is next at 14.10% (+0.03%). The weekly move is tiny, but the level is the point: a double-digit short in a consumer growth name reads like valuation discipline. If household spending tightens, high-expectation rollouts are where shorts like to camp. Then comes the travel block. FLT at 12.84% (+0.86%) was the week’s headline move, and Corporate Travel (CTD) sits at 9.34% (flat). Shorts are treating travel as a high-beta expression of the consumer — great when demand is humming, brutal when budgets get trimmed. Healthcare stayed crowded. Telix (TLX) rose to 12.30% (+0.48%) and PolyNovo (PNV) held 12.15% (flat). These are execution trades: commercial ramp, trial cadence, and the cost of running big programs. IDP Education (IEL) remained pinned at 11.78% (flat) — a reminder the policy and student mobility risks haven’t been priced out. IPH (IPH) held 11.15% (flat). Paladin (PDN) sat at 9.99% (flat), with shorts still happy to wear uranium volatility risk.
Stocks with the largest increase in short interest this week.
Stocks with the largest decrease in short interest this week.
The risers were where the intent showed. • FLT: 11.98% → 12.84% (+0.86%). A big weekly add on an already crowded short. That’s positioning, not noise. • Clarity Pharma (CU6): 6.92% → 7.76% (+0.84%). • Credit Corp (CCP): 1.21% → 2.01% (+0.80%). Off a low base, but a sharp step-up — the kind of move that usually reflects a macro view on household stress and credit outcomes. • Breville (BRG): 8.35% → 9.03% (+0.68%). A global discretionary brand with FX and demand sensitivity — exactly the profile shorts lean on when they want consumer exposure without owning the retailers. • Pilbara Minerals (PLS): 7.56% → 8.17% (+0.60%). The cleanest commodity expression this week: lithium price volatility keeps the short book active. On the cover side: • Magellan (MFG): 4.96% → 4.34% (-0.62%). Meaningful covering — profit-taking or a decision the easy money on the downside has been made. • Alpha HPA (A4N): 3.01% → 2.49% (-0.52%). • Alkane (ALK): 1.57% → 1.20% (-0.37%). • Black Cat Syndicate (BC8): 3.89% → 3.63% (-0.26%). • Elders (ELD): 5.99% → 5.75% (-0.25%). The pattern in the fallers is tidy: shorts trimmed in parts of materials and agribusiness while adding to consumer cyclicals and high-execution healthcare.
Two clusters did the heavy lifting. 1) Consumer cyclicals: DMP (16.62%), GYG (14.10%), FLT (12.84%), CTD (9.34%) and BRG (9.03%). Different business models, same exposure: discretionary demand and confidence. Shorts didn’t need a new story — they just added size where the sensitivity is highest. 2) Radiopharma/healthcare execution risk: TLX (+0.48% to 12.30%) and CU6 (+0.84% to 7.76%) moved up together. When two names in the same niche lift in the same week, it reads like sector risk management as much as stock-picking. Resources split cleanly: lithium shorts built (PLS +0.60% to 8.17%), while shorts eased in ALK and BC8. Different commodities, different tapes.
Watch FLT. After a +0.86% weekly jump to 12.84%, the next company update or result-day tone becomes the trigger: either shorts press again, or they scramble to cover.
FLT short interest rose 11.98% → 12.84% (+0.86%) in a week, the biggest increase in the market. That size of move in a top-10 short usually signals traders building a position ahead of a catalyst and leaning into travel’s sensitivity to consumer and corporate spending.
It means the short position is already crowded and stable at 16.62%. Shorts aren’t adding or covering in size — they’re holding the trade and waiting for evidence in earnings and margins.
PLS short interest increased 7.56% → 8.17% (+0.60%). The common driver is lithium price volatility: when the commodity tape is weak or uncertain, shorts target even the largest producers.
MFG short interest dropped 4.96% → 4.34% (-0.62%), the biggest fall among the major covers. That points to shorts taking profit or reducing exposure after the trade became less attractive at the margin.
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.