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Here are the most shorted shares on the ASX

At the start of each week I like to take a look at ASIC’s short position report to find out which shares have been targeted by short sellers.

I think it is worth keeping an eye on short interest levels as high levels can sometimes be a sign that something isn’t quite right.

With that in mind, here are the 10 most shorted shares on the ASX this week:

  • JB Hi-Fi Limited (ASX: JBH) remains the most shorted share on the Australian share market with 19.3% of its shares held short. This is a slight increase since last week and comes despite the retailer being named JB Hi-Fi as a share to buy at the recent Sohn Hearts and Mind Conference.
  • Syrah Resources Ltd (ASX: SYR) has seen its short interest rise slightly week on week to 16.7%. Despite a series of positive announcements, short sellers are not giving up on this one. They may be concerned that Syrah isn’t getting good prices for its graphite.
  • Galaxy Resources Limited (ASX: GXY) has seen its short interest charge higher to 15.7%. The lithium miner’s shares have been strong performers this month amid an improving outlook for the metal. However, short sellers don’t appear to believe these gains will last.
  • Orocobre Limited (ASX: ORE) has short interest of 13.9%, down sharply week on week once again. A positive investor update from the lithium miner appears to have rattled short sellers.
  • Inghams Group Ltd (ASX: ING) has 12.8% of its shares held short, down slightly since last week. Short interest remains high despite the poultry company’s shares recently hitting a 52-week high.
  • BWX Ltd (ASX: BWX) has seen its short interest jump to 12.5%. I suspect that short sellers are targeting the personal care products company due to concerns over the slowdown in sales of its key Sukin product and its mixed outlook.
  • Metcash Limited (ASX: MTS) has 12.4% of its shares in the hands of short sellers, up slightly week on week. Increasing competition from ALDI may be weighing on investor sentiment.
  • InvoCare Limited (ASX: IVC) has 12% of its shares held short, which is flat on last week. Short sellers may be concerned that this funeral company’s medium-term growth won’t be able to justify the premium its shares trade at.
  • Domino’s Pizza Enterprises Ltd (ASX: DMP) has seen its short interest rise slightly week on week to 11.7%. The pizza chain operator’s weaker than expected update at its annual general meeting appears to have caught the eye of short sellers.
  • Myer Holdings Ltd (ASX: MYR) has seen its short interest rise to 11.1%. A recent sales update from the department store operator revealed that it has had a soft start to FY 2019. I thought the surprising slowdown in online sales growth was worrying.

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Motley Fool contributor James Mickleboro owns shares of Galaxy Resources Limited. The Motley Fool Australia owns shares of and has recommended BWX Limited. The Motley Fool Australia has recommended Domino's Pizza Enterprises Limited and InvoCare Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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