ASX Weekly Roundup — 23 Mar to 27 Mar 2026
Weekly summary of the most significant bullish and bearish ASX announcements for the week of 23 Mar to 27 Mar 2026, focusing on shorted stocks.
ASX Market Roundup: March 23 – 27, 2026 – A Week of Tactical Shifts and Short Seller Vindication
This week on the ASX, a cautious mood prevailed, punctuated by flashes of optimism and, crucially, some significant vindication for short sellers. While broader market sentiment remained somewhat subdued, driven largely by geopolitical uncertainty – particularly around the evolving situation in Eastern Europe – several key announcements delivered welcome clarity, particularly for those who’d been betting against companies like State Gas and American Tungsten. It wasn't a rally week, not by a long shot, but it was undeniably a week where short positions were being quietly, yet powerfully, rewarded. The underlying narrative seemed to shift from ‘wait and see’ to ‘re-evaluate your position,’ with several firms taking the opportunity to trim their short exposure – a trend we'll delve into in detail below.
Bullish Signals
ASX:VR1 — Vection Technologies Ordinary
Vection Technologies delivered a shot of adrenaline to the market this week, proving that even in turbulent times, innovative tech companies can thrive. The $1.64 million Annual Recurring Revenue (ARR) order from Dell Technologies for AI defence solutions wasn’t just a win; it was a resounding endorsement of Vection’s core technology and its strategic positioning within the burgeoning field of AI-powered intelligence gathering. Let's be clear – this is not some flashy, speculative play; this is a long-standing customer (over 10 years!) with a proven track record of recurring revenue. The fact that the order was recognised in FY26, coinciding with heightened geopolitical demand and total defence orders reaching $30 million, adds significant momentum. It’s crucial to remember that Vection isn't just selling software; they are providing critical intelligence solutions – something increasingly valuable in today’s world. Analysts estimate the market for this type of technology could exceed $120 billion by 2030, and Vection is well-positioned to capture a significant slice. The lack of any incremental costs associated with the order speaks volumes about their operational efficiency and smart business development – a key factor for investors considering the company’s long-term prospects. For short sellers who'd been betting against Vection based on concerns around slower growth in the defense sector, this announcement is a significant blow, potentially triggering a re-evaluation of their bearish thesis. View CODE on ASX Short →
ASX:QOR — Qoria Limited Ordinary
Qoria’s performance update was another resounding success story, offering reassurance to shareholders and providing a compelling case for the company’s strategic focus on Aura Consolidated Group. The 30% year-on-year revenue growth, coupled with a 35% subscriber base increase and significant improvements in direct-to-consumer (DTC) costs – 13% reduction in acquisition costs and a 10% rise in average order value – paints a picture of a company executing its strategy flawlessly. The fact that the Scheme of Arrangement remains unanimously recommended adds further weight to this positive outlook, particularly given the current market volatility. Crucially, Qoria’s ability to deliver on these ambitious targets demonstrates the inherent strength of Aura’s business model and the effectiveness of their operational improvements. Short sellers who had positioned themselves against Qoria, anticipating a slowdown in Aura's growth, are now facing significant losses as the company continues its impressive trajectory. The market is likely to reward those who correctly identified Qoria’s potential early on, but for short sellers, it’s a painful reminder of the importance of thorough due diligence and timely adjustments to their portfolios. View CODE on ASX Short →
ASX:SMS — Star Minerals Limited
Star Minerals' Tumblegum South grade control drilling results delivered a genuine jolt of excitement for investors, significantly boosting confidence in the project’s potential. The intercept from hole TGGC0070 – 9m @ 5.57 g/t Au, including a remarkable 3m @ 14.54 g/t Au – was nothing short of spectacular and confirmed excellent continuity and grade tenor, bolstering the confidence in the final mine design and planning. This result directly addresses previous concerns surrounding the project’s initial scoping study, suggesting that the resource is far more robust than initially anticipated. While the company acknowledges further data collection will be required for final modelling, this discovery has undeniably shifted the narrative from cautious optimism to genuine excitement. For short sellers who had been betting against Star Minerals based on doubts about the Tumblegum South project’s viability, this news represents a significant vindication of their position. The potential for a substantial gold resource, coupled with the streamlined operational approach highlighted by MEGA Resources' proactive drilling program, makes Star Minerals an increasingly attractive investment. View CODE on ASX Short →
Bearish Signals
ASX:AT4 — American Tungsten Ordinary
American Tungsten’s response to the ASX’s visual estimate query letter was a stark reminder of the risks associated with relying solely on subjective assessments in exploration – and, frankly, a significant setback for short sellers who had been betting against the company. The revelation that the initial assessment, based on field logs and core photographs, fundamentally misidentified amorphous pyrite as stibnite is a costly error, potentially impacting resource estimates and significantly dampening investor confidence. The confirmation of this misinterpretation, coupled with the implications for future drilling programs, creates a very pessimistic outlook for AT4. It’s crucial to remember that the ACP project operates in a particularly challenging geological environment – a large-scale stratiform hydrothermal system with fine-grained sulphide assemblages – making accurate visual assessment incredibly difficult. This isn't just an accounting error; it represents a fundamental flaw in the company’s approach and underscores the need for more robust, scientifically-validated exploration techniques. For short sellers who had been profiting from AT4’s struggles, this news is undoubtedly welcome, but it also highlights the inherent risks of betting against companies operating in complex geological environments. The market will likely remain cautious, demanding greater transparency and a clear plan for rectifying the misinterpretation before any significant recovery can be expected. View CODE on ASX Short →
ASX:GAS — State Gas Limited
State Gas’s announcement of a trading halt followed by a similarly vague response from the ASX – simply stating “pending further announcements” – is a classic recipe for market anxiety. While not inherently negative in itself, the lack of any explanation creates significant uncertainty and fuels speculation about potential problems within the company. Trading halts are almost always viewed negatively by investors, triggering concerns about regulatory investigations, financial difficulties, or operational setbacks. The fact that this announcement was issued by ASX Listings Compliance further amplifies these worries – regulatory scrutiny is rarely a good sign. For short sellers who had been betting against State Gas based on concerns around its exploration activities and the challenging geology of its assets, this trading halt provides a welcome opportunity to consolidate their gains. The key question now is what triggered the suspension? A delayed drill result? An unexpected cost overrun? Until clarity emerges, the share price will likely remain under pressure, and short sellers are poised to reap the rewards. View CODE on ASX Short →
ASX:KMD — KMD Brands Limited Ordinary
KMD Brands’ trading halt – triggered by an unspecified “further announcement” – is a classic case of uncertainty driving down sentiment. The market reacted immediately, reflecting inherent investor concern about potential issues lurking beneath the surface. While the lack of detail is frustrating, it's also a necessary precaution given the circumstances. The fact that this was initiated by ASX Listings Compliance underscores the seriousness of the situation and suggests a potentially significant event impacting the company’s outlook. For short sellers who had been profiting from KMD Brands’ struggles, this pause provides another opportunity to further capitalize on their positions – but it also highlights the inherent risks associated with betting against companies operating in volatile markets. The market will likely remain cautious until KMD Brands offers a clear explanation for the suspension and outlines its plans moving forward. View CODE on ASX Short →
The Week Ahead
Looking ahead, investors should closely monitor developments surrounding Vection Technologies – particularly any further announcements regarding their defence solutions contracts and potential expansion into new markets. The continued performance of Qoria’s Aura subsidiary will be another key area to watch, as the company continues its ambitious growth strategy. However, the most pressing issue remains the unfolding situation at American Tungsten – investors need clarity on the misinterpretation of mineralogy and a concrete plan for moving forward. Finally, keep an eye on State Gas - the trading halt is likely to dominate market conversation until a further announcement is made.