January 2026
The market de-risked overall (WoW average change: -0.10%; average short: 1.12% across 406 stocks), but a few names wore fresh size. Flight Centre (FLT) jumped from 10.27% to 11.98% (+1.71%) while Boss Energy (BOE) held the market-high 16.69% and Clinuvel (CUV) saw the biggest cover, sliding from 9.46% to 7.13% (-2.34%). [ref-1]
The tape says “risk off”, but the short book says “pick your spots”. Average short interest fell (WoW average change: -0.10%), yet FLT still copped a clean +1.71% hit to 11.98% — the biggest rise in the data and a loud move for a liquid, mainstream ASX name. [ref-1]
BOE remains the market’s most shorted stock at 16.69% (+0.00%). It’s the kind of number that turns every operational update into an event. [ref-1] Behind it sits GYG at 14.07% (+0.22%) — shorts are still happy to lean on a high-expectations consumer growth story even after FY25 revenue of 436.0 and NPAT of 14.5. [ref-1] [ref-2] FLT is now the pressure point at 11.98% (+1.71%). [ref-1] TLX is unchanged at 11.82% (+0.00%), and SLX lifted to 9.02% (+0.87%), keeping the “big narratives” crowded: travel cyclicality, biotech execution risk, and nuclear-adjacent tech. [ref-1] Rounding out the top 10: LYC at 8.91% (+0.00%), BRG at 8.35% (+1.10%), ILU at 7.95% (+0.44%), DYL at 7.87% (-0.48%), and IPX at 7.75% (+0.00%). [ref-1]
Stocks with the largest increase in short interest this month.
Stocks with the largest decrease in short interest this month.
1) FLT: 10.27% → 11.98% (+1.71%). Shorts added anyway, despite FY2025 revenue of 2,783.944 (+2.7%) and statutory profit after income tax of 108,184 (change_pct: -22.3). That combination — modest top-line growth with profit going backwards — is exactly where short sellers like to press. [ref-1] [ref-3] 2) GDG: 3.88% → 5.29% (+1.40%). This is the more counter-intuitive move: FY2025 profit from ordinary activities after income tax attributable to members was 38,247 (change_pct: +555) and revenues from ordinary activities were 626,831 (change_pct: +88%). Shorts still stepped up. [ref-1] [ref-4] 3) BRG: 7.26% → 8.35% (+1.10%). The numbers were strong — FY2025 net profit after tax attributable to members 135,854 (change_pct: +14.6) on total sales revenue 1,696,551 (change_pct: +10.9) — but the short interest rose anyway. That’s usually a bet that expectations (and valuation) are doing the heavy lifting now. [ref-1] [ref-5] 4) NVX: 2.55% → 3.63% (+1.08%). Another step-up in a smaller, higher-beta name. [ref-1] 5) SYR: 2.19% → 3.11% (+0.93%). Shorts added, keeping battery materials in the “trade it, don’t marry it” bucket. [ref-1] On the cover side, CUV was the standout unwind: 9.46% → 7.13% (-2.34%). With FY2025 revenues from ordinary activities 95,017,570 (change_pct: +8) and net profit 36,172,518 (change_pct: +2), that looks like shorts banking a win rather than doubling down. [ref-1] [ref-6] Other meaningful covers: CHN 4.15% → 3.21% (-0.93%), NIC 1.61% → 0.79% (-0.82%), AOV 2.83% → 2.05% (-0.78%), and LNW 1.96% → 1.24% (-0.72%). [ref-1]
The top 10 is still resources-heavy, and it’s not subtle: BOE 16.69%, SLX 9.02%, LYC 8.91%, ILU 7.95%, DYL 7.87%, and IPX 7.75%. [ref-1] But the more actionable signal this month is the consumer squeeze point. Shorts lifted in FLT to 11.98% (+1.71%) and BRG to 8.35% (+1.10%) at the same time GYG stayed elevated at 14.07% (+0.22%). That’s a clear preference for fading “good companies” when the market thinks the bar is too high. [ref-1] Meanwhile, the market backdrop is calmer than the headlines: 406 stocks shorted, average short 1.12%, and the average change was negative (WoW average change: -0.10%). This wasn’t a broad shorting wave — it was targeted. [ref-1]
One thing to watch next week: whether FLT keeps building from 11.98%. If it does, the short book is telling you it wants more than revenue of 2,783.944 (+2.7%) — it wants profit momentum back after statutory profit after income tax of 108,184 (change_pct: -22.3%). [ref-1] [ref-3]
Boss Energy (BOE) was the most shorted at 16.69% (the market max short %). [ref-1]
Flight Centre (FLT) rose from 10.27% to 11.98% (+1.71%). [ref-1]
Clinuvel Pharmaceuticals (CUV) fell from 9.46% to 7.13% (-2.34%). [ref-1]
Average short interest is 1.12% across 406 stocks, while the highest single name is 16.69% (BOE). [ref-1]
Short interest rose to 11.98% while FY2025 revenue was 2,783.944 (+2.7%) and statutory profit after income tax was 108,184 (change_pct: -22.3%), a setup that can attract scepticism on earnings durability. [ref-1] [ref-3]
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.