Lunch Wrap: ASX rebounds after Powell’s relaxed stance; Nanosonics gets FDA green light

The ASX has bounced back after Wall Street’s surge. Meanwhile Nanosonics has soared on FDA approval, and Bitcoin is back above $86k while gold grabbed another personal best.

Nanosonics jumps after FDA’s green light. Picture via Getty Images

• ASX up after Wall Street rally and Fed holds steady

• Nanosonics jumps after FDA approval

• Bitcoin rebounds to $86k, gold hits new record

The ASX kicked off Thursday on a solid note, up by almost 1% after the Federal Reserve signalled it wasn’t rushing to change its interest rate plans.

Overnight, Wall Street and European stocks also surged after the Fed held rates and confirmed that it still expected a 50 basis point rate cut by the end of the year.

Fed Chairman Jerome Powell surprisingly said he wasn’t overly concerned about tariffs pushing inflation up, saying any inflation bump would be “transitory”.

However, he gave this warning: “I do think with the arrival of the tariff inflation, further progress may be delayed.”

According to Nigel Green at de Vere Group, markets want certainty that the rate-cutting cycle will begin imminently.

“A lack of decisive communication could trigger market instability, while a well-telegraphed shift would provide a necessary cushion against emerging risks,” said Green.

But Powell’s generally laid-back attitude set the stage for a good run in stocks globally, with the S&P 500 rising 1% and Tesla rebounding by 5%.

Bitcoin got in on the action, too – jumping 6% and breaking the US$86,000 mark.

And gold grabbed itself another record, rising to $3052.70 per ounce as investors still sought a hedge in safe-haven assets.

Back on the ASX, local shares followed the global rally, with financials leading the way this morning.

National Australia Bank (ASX:NAB) managed to rise by 1% despite a downgrade from Morgan Stanley, which shifted its rating to “equal weight” after recent exec changes at NAB.

Source: Market Index

Source: Market Index

In large caps news, Nanosonics (ASX:NAN) stole the headline, shooting up by 14% after a US FDA approval for its new Coris system, which helps clean flexible endoscopes better, reducing infection risks. The product will be tested in a few hospitals starting in Q1 FY26, with plans to expand and get approval in the UK, Europe, and Australia by the same year.

Also read > Health Check: Join in the Coris as Nanosonics wins key FDA approval 

Cleanaway (ASX:CWY) has struck a deal to acquire unlisted Contract Resources for $377 million. Contract Resources is a top player in catalyst handling, decontamination, and chemical cleaning.

Meanwhile, TPG Telecom (ASX:TPM) got the green light from the competition watchdog for its $5.25 billion sale of its fibre networks to Vocus Group, pushing TPG’s shares up by 5%.

And finally from the large end of town, mining services firm NRW Holdings (ASX:NWH) struck a $100 million deal with Rio Tinto (ASX:RIO) for its seawater desalination project, adding a solid chunk to its order book. NRW’s shares were up 2%.

ASX SMALL CAP WINNERS

Here are the best performing ASX small cap stocks for March 20 :

Code	Description	Last	%	Volume	MktCap
SFG	Seafarms Group Ltd	0.002	100%	700,491	$4,836,599
CRR	Critical Resources	0.005	50%	12,041,917	$7,392,664
LNR	Lanthanein Resources	0.003	50%	4,260,236	$4,887,272
VPR	Voltgroupltd	0.002	50%	10,863,629	$10,716,208
D3E	D3 Energy Limited	0.070	35%	369,202	$4,132,700
1AD	Adalta Limited	0.012	33%	2,664,630	$5,789,005
AKM	Aspire Mining Ltd	0.285	33%	254,021	$109,141,952
MRR	Minrex Resources Ltd	0.009	29%	3,684,390	$7,594,073
NSM	Northstaw	0.050	25%	4,572,767	$10,907,060
ERA	Energy Resources	0.003	25%	2,098,460	$810,792,482
CYB	Aucyber Limited	0.092	24%	753,452	$12,103,689
CHR	Charger Metals	0.048	20%	95,514	$3,096,810
ENT	Enterprise Metals	0.003	20%	500,000	$2,945,793
KGD	Kula Gold Limited	0.006	20%	753,154	$4,606,268
STM	Sunstone Metals Ltd	0.006	20%	1,814,626	$25,750,018
OSX	Osteopore Limited	0.025	19%	170,439	$2,538,239
LSA	Lachlan Star Ltd	0.065	18%	28,689	$13,891,526
BIT	Biotron Limited	0.004	17%	1,355,418	$2,707,148
CAZ	Cazaly Resources	0.014	17%	21,200	$5,535,636
MKL	Mighty Kingdom Ltd	0.007	17%	2,137,963	$1,296,380
BTC	BTC Health Ltd	0.064	16%	15,000	$17,892,782
TKM	Trek Metals Ltd	0.044	16%	3,416,813	$19,825,469
IND	Industrialminerals	0.185	16%	44,463	$12,851,600

Critical Resources (ASX:CRR) has announced that after a thorough geophysical review and airborne magnetic survey, it’s clear that its Halls Peak project in NSW holds serious potential for gold-antimony mineralisation, alongside its existing base metal systems. The new findings highlight previously overlooked structural corridors and deep-rooted fault systems, suggesting the area could host multiple types of mineralisation, including Hillgrove-style gold-antimony. This opens up new targets for exploration.

Biotech firm AdAlta (ASX:1AD) has just scored its first external investment for its “East to West” cellular immunotherapy strategy, with SYNthesis BioVentures chucking in $2 million into its subsidiary, AdCella. This will fund the planning and prep for three major immunotherapy assets, with SYNBV also locking in the right to invest $5.5 million in the Series A round. The funds will help speed up clinical development and secure licensing agreements.

Charger Metals (ASX:CHR) and RTX (Rio Tinto Exploration) have locked in a $1.1 million exploration budget for the Lake Johnston lithium project in 2025, with RTX footing the bill. This includes 5,000m of drilling to test top lithium targets at Mt Day, Mt Gordon, and Pagrus. Charger’s farm-in deal with RTX means RTX will fund the work, and Charger will keep pushing ahead with exploration despite the downturn in lithium prices.

Arafura Rare Earths (ASX:ARU) has signed a binding deal with Traxys Europe to supply up to 300 tonnes per year of NdPr oxide from the Nolans Project over five years. The deal will help Arafura hit its target of securing 80% of planned production under binding agreements. Traxys will market the NdPr globally, helping to diversify the supply chain and manage delivery schedules. The deal is subject to Arafura completing Nolans' construction and starting commercial production.

ASX SMALL CAP LOSERS

Here are the worst performing ASX small cap stocks for March 20 :

Code	Name	Price	% Change	Volume	Market Cap
GMN	Gold Mountain Ltd	0.001	-50%	1,650,000	$9,158,446
WSR	Westar Resources	0.006	-33%	12,855,253	$3,588,523
VML	Vital Metals Limited	0.002	-33%	25,000	$17,685,201
RFA	Rare Foods Australia	0.011	-31%	1,225,069	$4,351,732
88E	88 Energy Ltd	0.002	-25%	5,321,381	$57,867,624
AOK	Australian Oil.	0.002	-25%	3,500	$2,003,566
BSA	BSA Limited	0.064	-25%	1,618,892	$6,381,427
PAB	Patrys Limited	0.002	-20%	110,000	$5,143,618
VRC	Volt Resources Ltd	0.004	-20%	1,661,500	$22,646,967
ASR	Asra Minerals Ltd	0.003	-17%	1,625,283	$7,119,380
SER	Strategic Energy	0.005	-17%	950,129	$4,026,200
1AE	Auroraenergymetals	0.040	-15%	12,740	$8,415,996
AX8	Accelerate Resources	0.006	-14%	1,519,171	$5,227,278
TMK	TMK Energy Limited	0.003	-14%	2,453,089	$32,772,828
WNR	Wingara Ag Ltd	0.006	-14%	613,000	$1,228,798
ADN	Andromeda Metals Ltd	0.007	-13%	21,780,090	$27,429,822
FCT	Firstwave Cloud Tech	0.014	-13%	733,144	$27,416,299
GBZ	GBM Rsources Ltd	0.007	-13%	289,745	$9,368,560
LU7	Lithium Universe Ltd	0.007	-13%	267,054	$6,287,837
XPN	Xpon Technologies	0.007	-13%	45,250	$2,899,532
AMO	Ambertech Limited	0.140	-13%	63,127	$15,264,765
AHK	Ark Mines Limited	0.120	-11%	42,333	$7,485,266
AAU	Antilles Gold Ltd	0.004	-11%	1,519,183	$9,541,692
NAG	Nagambie Resources	0.016	-11%	292,839	$14,459,442