It was one of the hottest trades of last year. Now the commodity has a new claim to fame – it dominates the list of most-shorted stocks on the ASX.
Uranium, one of the hottest trades of last year, has a new claim to fame, an unwanted one. Companies exploring or mining the commodity make up six of the 20-most-shorted stocks on the local bourse.
It is a big change from the bull market of 2023 and 2024, when demand for a new, emissions-free fuel source buoyed expectations that local uranium stocks would be big winners from the end of coal and gas generation. Opposition Leader Peter Dutton made nuclear the centrepiece of his energy policy; countries around the world scrambled to build new plants.
That has quickly given way to uncertainty and downbeat sentiment. The price has come off, hopes that artificial intelligence would need huge amounts of power have waned as more efficient models such as China’s DeepSeek are released, and regulatory barriers have hardened.
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