ASX Short Selling February 2026: $49B in Short Positions as Bears Pivot from Uranium to Travel and Wine
Short positions on the ASX have swelled to $49.1 billion across 708 stocks. We break down which sectors, industries, and stocks are seeing the biggest shifts in February 2026.
Short interest on the ASX has grown meaningfully since our January analysis. Total short value across the market now stands at $49.1 billion spread across 708 stocks, up from $46.5 billion a month ago. That's a 5.6% increase in total short value - bears are putting more money to work.
But the story isn't just about the total. The most interesting developments are happening at the sector and industry level, where short sellers are making clear rotational bets.
Market Overview: February 5, 2026
| Metric | Value | vs January |
|---|---|---|
| Total Stocks Tracked | 708 | +48 |
| Total Short Shares | 6.27B | +0.3% |
| Total Short Value | $49.1B AUD | +5.6% |
| Average Short Interest | 1.21% | -0.07pp |
| Maximum Short Interest | 17.13% | -2.56pp |
| Most Shorted Stock | BOE (Boss Energy) | No change |
The average short interest dipping slightly while total value rises tells us something important: short sellers are becoming more selective, concentrating bigger positions in fewer names rather than blanket-shorting broadly.
Sector Rankings: Consumer Stocks Take the Crown
The sector leaderboard has shuffled since January. Consumer Defensive has overtaken Consumer Cyclical for the top spot, driven almost entirely by the massive short build in Treasury Wine Estates.
Sectors Ranked by Average Short Interest
| Rank | Sector | Avg Short % | Max Short % | Stocks | Change |
|---|---|---|---|---|---|
| 1 | Consumer Defensive | 3.04% | 13.73% | 21 | New #1 |
| 2 | Consumer Cyclical | 2.43% | 16.46% | 60 | Was #1 |
| 3 | Energy | 2.25% | 17.13% | 37 | Steady |
| 4 | Healthcare | 1.76% | 12.24% | 65 | Steady |
| 5 | Technology | 1.63% | 9.15% | 51 | Up |
| 6 | Real Estate | 1.39% | 9.17% | 39 | Steady |
| 7 | Financial Services | 1.08% | 6.55% | 60 | Steady |
| 8 | Industrials | 0.92% | 11.01% | 62 | Steady |
| 9 | Communication Services | 0.92% | 3.73% | 23 | Down |
| 10 | Utilities | 0.79% | 3.31% | 8 | Steady |
| 11 | Basic Materials | 0.71% | 9.37% | 224 | Steady |
Key takeaway: Consumer-facing sectors remain the primary battleground for short sellers. Between Consumer Defensive (3.04%) and Consumer Cyclical (2.43%), consumer stocks have the two highest average short interest levels on the market.
The Top 20 Most Shorted Stocks
Here's the current leaderboard as of February 5, 2026:
| Rank | Code | Industry | Short % |
|---|---|---|---|
| 1 | BOE | Uranium | 17.13% |
| 2 | DMP | Restaurants | 16.46% |
| 3 | TWE | Wine & Spirits | 13.73% |
| 4 | GYG | Restaurants | 13.71% |
| 5 | FLT | Travel Services | 12.98% |
| 6 | TLX | Biotechnology | 12.24% |
| 7 | PNV | Medical Devices | 12.20% |
| 8 | IEL | Education | 11.58% |
| 9 | IPH | Business Services | 11.01% |
| 10 | PWH | Auto Parts | 10.17% |
| 11 | NAN | Medical Instruments | 9.99% |
| 12 | PDN | Uranium | 9.97% |
| 13 | DRO | Aerospace & Defence | 9.42% |
| 14 | LYC | Rare Earths | 9.37% |
| 15 | CTD | Travel Services | 9.33% |
| 16 | KAR | Oil & Gas | 9.31% |
| 17 | LIC | Real Estate | 9.17% |
| 18 | SLX | Semiconductors | 9.15% |
| 19 | BRG | Furnishings | 9.06% |
| 20 | PLS | Mining | 8.10% |
Notable observations:
- 5 of the top 20 are consumer-facing names (DMP, GYG, FLT, BRG, CTD)
- 3 uranium/nuclear stocks feature prominently (BOE, PDN, SLX)
- 3 healthcare/biotech names remain heavily shorted (TLX, PNV, NAN)
- The entry threshold for the top 20 is now 8.10%, down from 8.59% in January
Industry Spotlight: Where the Concentration Is
Looking beyond sectors to specific industries reveals where short sellers have their strongest convictions.
Most Shorted Industries (Minimum 2 Stocks)
| Industry | Avg Short % | Max Short % | Stocks |
|---|---|---|---|
| Wine & Spirits | 9.97% | 13.73% | 2 |
| Restaurants | 8.08% | 16.46% | 4 |
| Travel Services | 6.17% | 12.98% | 4 |
| Education & Training | 5.40% | 11.58% | 3 |
| Semiconductors | 4.99% | 9.15% | 3 |
| Auto Parts | 4.86% | 10.17% | 4 |
| Uranium | 4.33% | 17.13% | 10 |
| Real Estate - Diversified | 4.06% | 9.17% | 3 |
| Medical Instruments | 3.26% | 9.99% | 4 |
| Insurance Brokers | 3.04% | 4.41% | 2 |
The consumer discretionary theme is unmistakable. Restaurants (8.08%), Travel (6.17%), Education (5.40%), and Auto Parts (4.86%) all rank in the top 10 most shorted industries. Short sellers are making a clear bet that the Australian consumer is under pressure.
Biggest Moves This Month: Where Shorts Are Building
Shorts Piling In (Monthly Increases)
| Code | Industry | Previous | Current | Change |
|---|---|---|---|---|
| TWE | Wine & Spirits | 10.17% | 13.73% | +3.56pp |
| LYC | Rare Earths | 6.46% | 9.37% | +2.90pp |
| FLT | Travel | 10.11% | 12.98% | +2.87pp |
| PNI | Asset Management | 4.65% | 6.55% | +1.89pp |
| IPH | Business Services | 9.23% | 11.01% | +1.78pp |
| BRG | Furnishings | 7.39% | 9.06% | +1.67pp |
| NXT | IT Services | 6.20% | 7.72% | +1.52pp |
| CAT | Scientific Instruments | 3.80% | 5.23% | +1.43pp |
| AX1 | Apparel Retail | 5.17% | 6.46% | +1.29pp |
Treasury Wine Estates (TWE) is the standout mover, jumping 3.56 percentage points in a month to become the 3rd most shorted stock on the ASX. This follows ongoing challenges in their US and Asian markets, with short sellers betting that the premium wine segment remains under pressure.
Flight Centre (FLT) continues its march higher, now at 12.98% short interest. The travel sector overall is attracting more bears, with CTD also sitting at 9.33%.
Lynas Rare Earths (LYC) has seen shorts build from 6.46% to 9.37%, a near-50% increase in short positioning. Rare earth price uncertainty and the challenging commissioning of the Kalgoorlie processing facility are likely driving this.
Shorts Covering (Monthly Decreases)
| Code | Industry | Previous | Current | Change |
|---|---|---|---|---|
| PDN | Uranium | 12.80% | 9.97% | -2.82pp |
| CUV | Biotechnology | 9.52% | 7.11% | -2.41pp |
| BOE | Uranium | 19.28% | 17.13% | -2.14pp |
| DVP | Mining | 4.94% | 3.06% | -1.88pp |
| PWH | Auto Parts | 11.85% | 10.17% | -1.68pp |
| RIO | Mining | 8.10% | 6.45% | -1.65pp |
| DGT | REIT | 9.25% | 7.72% | -1.53pp |
| LOT | Mining | 8.66% | 7.18% | -1.47pp |
| DMP | Restaurants | 17.87% | 16.46% | -1.41pp |
The uranium short trade is unwinding. Both PDN (-2.82pp) and BOE (-2.14pp) have seen significant short covering. Despite remaining heavily shorted, the trend is clearly downward. This aligns with strengthening uranium spot prices and growing nuclear energy sentiment globally.
Domino's (DMP) has also seen modest short covering, down from 17.87% to 16.46%. However, at over 16%, it remains one of the most shorted stocks on the ASX.
This Week's Sharp Movers
The past week has seen some unusually large moves:
Biggest Weekly Increases
| Code | Sector | Change |
|---|---|---|
| LOT | Basic Materials | +3.89pp (3.29% → 7.18%) |
| FLT | Consumer Cyclical | +1.04pp |
| SLX | Technology | +1.07pp |
| QOR | Technology | +1.12pp |
| CCP | Financial Services | +1.04pp |
Lotus Resources (LOT) saw the most dramatic weekly move, with short interest more than doubling from 3.29% to 7.18%. This is unusual for a uranium miner given the sector-wide short covering trend, suggesting stock-specific concerns.
Biggest Weekly Decreases
| Code | Sector | Change |
|---|---|---|
| NWS | Communication Services | -2.08pp (3.13% → 1.05%) |
| ABB | Communication Services | -0.99pp |
| APX | Technology | -0.95pp |
| AUB | Financial Services | -0.92pp |
| DMP | Consumer Cyclical | -0.83pp |
News Corp (NWS) saw the biggest weekly drop, with short interest falling by two-thirds. Communication Services as a sector has seen broad short covering this week.
What Does It All Mean?
Three themes are emerging from February's short selling data:
1. The Consumer Squeeze Play
Short sellers are making an increasingly concentrated bet against Australian consumer spending. Restaurants, travel, wine, apparel, furniture - the shorts are targeting discretionary spending across the board. This suggests institutional investors expect consumer weakness to persist or intensify through 2026.
2. The Uranium Unwind
After being one of the most heavily shorted sectors for months, uranium is seeing meaningful short covering. BOE and PDN have both dropped several percentage points. This could signal a turning point for the sector - or simply profit-taking after a successful short campaign.
3. Technology Under Pressure
Technology stocks are quietly climbing the short interest rankings. Semiconductors (SLX at 9.15%), Scientific Instruments (CAT at 5.23%), and IT Services (NXT at 7.72%) are all seeing short builds. This may reflect concerns about AI capex sustainability and enterprise spending trends.
Track These Trends Live
All the data in this analysis is available in real-time on ASX Short Data:
- Top Shorted Stocks - updated daily with T+4 ASIC data
- Sector Analysis - compare short interest across all ASX sectors
- Short Interest Screener - filter stocks by short interest, momentum, sentiment, and more
- Movers - see which stocks are seeing the biggest short interest changes
We also provide AI-powered sentiment analysis on price-sensitive announcements, so you can see how market news aligns with short selling activity.