October 2025
October’s ASIC data had one standout: Domino’s (DMP) was hit with a +4.92% surge in short interest to 16.86%. Boss Energy (BOE) still wears the crown at 20.72% short (+2.41%), while the big covers were in MIN (down -3.56% to 6.82%), NST (down -3.48% to 0.52%) and PLS (down -3.15% to 14.67%).
Domino’s (DMP) didn’t drift higher on the short list — it got jumped. A move from 11.94% to 16.86% in a month is a statement from the market: someone wants to be short the next update, not after it.
BOE (20.72%, +2.41%) remains the most shorted stock on the ASX. One in five shares is now out on loan, and the increase says the market is still pricing ramp-up risk at Honeymoon and execution risk across the broader production story. Uranium bulls can talk demand all day; shorts are focused on timelines, costs and realised pricing. DMP (16.86%, +4.92%) is the new battleground. This is classic consumer earnings pressure: food and labour costs don’t need to explode for margins to disappoint — they just need to stay sticky while discounting picks up. The size of the lift says the trade is crowded on purpose. PLS (14.67%, -3.15%) is still heavily shorted, but the direction matters. Shorts are taking money off the table in lithium rather than pressing. That’s what a maturing downside trade looks like. The rest of the top 10 reads like a map of “valuation meets higher-for-longer”. GYG (12.53%, +0.74%) and FLT (10.66%, +0.67%) both saw shorts build. PDN (12.19%, +0.06%) stayed steady — uranium scepticism is broad, not just BOE-specific. In healthcare, PNV (10.51%, +0.55%) and TLX (10.13%, +1.87%) attracted fresh shorts, while the sector also produced one of the month’s bigger covers (CUV, below).
Stocks with the largest increase in short interest this month.
Stocks with the largest decrease in short interest this month.
The month’s biggest add was DMP: +4.92% to 16.86%. That’s a pile-on, and it usually happens when funds want exposure into a catalyst. IPH was next: 5.68% to 9.35% (+3.67%). A CEO retirement and a market that’s suddenly less forgiving on “steady compounders” is enough to invite a push, especially if clients start tightening budgets. GEM (1.87% to 5.13%, +3.25%) is a clean cost squeeze setup: wage pressure and policy risk are permanent features in childcare, and shorts are betting the P&L wears it. ARU (1.36% to 4.53%, +3.17%) is the classic developer short — funding, build risk and rare earth price volatility. BSL (3.16% to 5.95%, +2.79%) is the industrial cyclicals angle: steel is where shorts go when they want leverage to global growth nerves. On the cover side, the message was just as loud. MIN fell from 10.38% to 6.82% (-3.56%), PLS was trimmed (-3.15%), and NST was a full unwind: 4.00% to 0.52% (-3.48%). Three words. Gold shorts quit. Whether that’s commodity strength, risk management, or simply a trade that stopped paying, the result is the same: the selling pressure from shorts is gone.
This month’s rotation is simple: less “short resources”, more “short the consumer”. Resources shorts became selective. Uranium stayed heavily targeted (BOE at 20.72%, PDN at 12.19%), but lithium shorts were cut back (PLS down to 14.67%, MIN down to 6.82%). Consumer services is where conviction showed up. DMP, GYG, FLT and GEM all saw short interest rise. That’s the same macro bet expressed four ways: households are stretched, and companies with upbeat expectations and cost pressure are where shorts see daylight. Healthcare was stock-by-stock. TLX (+1.87%) and PNV (+0.55%) attracted more shorts, while CUV was covered hard (9.23% to 6.23%, -3.00%).
Watch DMP’s next market update. At 16.86% short, the stock is set up for a violent move either way — a “less bad” print forces covering fast, while any confirmation of margin pressure keeps the shorts in control.
Boss Energy (BOE) is the most shorted at 20.72% of shares shorted (up +2.41% month-on-month).
DMP rose from 11.94% to 16.86% short (+4.92%) in a month, which typically reflects aggressive positioning into an upcoming catalyst such as results, an AGM update or a trading statement, especially where margins are sensitive to food, labour and discounting.
The biggest fallers were Mineral Resources (MIN) 10.38% to 6.82% (-3.56%), Northern Star (NST) 4.00% to 0.52% (-3.48%), Pilbara Minerals (PLS) 17.82% to 14.67% (-3.15%), Clinuvel (CUV) 9.23% to 6.23% (-3.00%) and Cettire (CTT) 4.33% to 1.62% (-2.71%).
No. The period average change was -0.07%, even though a handful of stocks (led by DMP) saw sharp increases.
It means most shorts have already exited (down -3.48% MoM), reducing short-driven selling pressure and also reducing the fuel for a future short squeeze because there are fewer shorts left to cover.
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.