For the second week running, the ASX has found some steady footing, this time benefitting as a rethink of interest rates in the US sparked a relief rally across the major indexes. The materials, financials and information technology sectors have provided the backdrop for gains this week.

Which shares excelled?

Shares in communications and mining technology business Codan (ASX: CDA) have reversed fortune this week, leading the way after unveiling its outlook for the rest of FY22. The company has left the door open to the possibility of a strong performance in the second-half of the financial year, which might set it on track to deliver record full-year earnings. Despite the swift change in sentiment this week, the stock remains in a downtrend that has been in place for the best part of one year, shedding approximately 60% over that time.A positive week for the US stock market has been the catalyst for US-based fund manager GQG Partners (ASX: GQG), which is listed on the local share market. The performance of the share market has a direct impact on funds under management (FUM) for all fund managers, but it also influences sentiment when it comes to the flow of client funds. As such, improving sentiment in the stock market may sometimes be seen as a supportive' theme for fund managers.Gold shares have lifted this week as the precious metal rallied to as much as US$1,869 per ounce on Tuesday amid concerns about soaring inflation and broader macroeconomic nerves. Although the price of gold has eased since then, some of the ASX mid-tier gold producers have held onto their gains, with names like Red 5 (ASX: RED), OceanaGold Corporation (ASX: OGC) and Perseus Mining (ASX: PRU) faring best.Shareholders in Karoon Energy (ASX: KAR) were pleased to see the company withdraw its bid to acquire a 50% stake in the Atlanta oil field off Brazil. The business terminated the exclusivity agreement it entered with Brazilian oil firm Enauta, which centred on a non-operating interest in the project. Shareholders may have taken comfort in the fact that management has proceeded cautiously in negotiations. Higher natural gas prices are also providing a strong tailwind for Karoon at this time, with the commodity near a 14-year high as Russia halted gas supplies to Finland.Among this week other winners are WA-based construction and mining contractor NRW Holdings (ASX: NWH), lithium players Firefinch (ASX: FFX) and Allkem (ASX: AKE), iron ore giant Rio Tinto (ASX: RIO) and food supplier Costa Group Holdings (ASX: CGC).

Which shares dragged on the market?

Shareholders in Tabcorp (ASX: TAH) and BHP (ASX: BHP) can be forgiven for watching the share prices of each stock sink sharply lower this week, but the results were not all that they appeared. Tabcorp share price fell by more than 80%, but this was due to the demerger of its lottery and Keno businesses into a new ASX-listed entity, The Lottery Corporation (ASX: TLC). As part of the deal, Tabcorp shareholders became eligible for one share in The Lottery Corporation for every one share in Tabcorp held.Meanwhile, BHP share price was down as much as 10% mid-week due to a similar reason. The iron ore titan traded without entitlement to its in-specie' dividend, which follows BHP decision to sell its petroleum assets to Woodside Petroleum, now renamed Woodside Energy Group (ASX: WDS). BHP shareholders became entitled to one share in Woodside for every 5.534 shares in BHP, and the deal has turned Woodside into one of the top-ten energy producers in the world.Sayona Mining (ASX: SYA) is one name that found itself on the end of a capital raise at what might have been an inopportune time. With news of its prefeasibility study (PFS) for the 75%-owned North American Lithium (NAL) operation in QuĆ©bec falling flat, the company quickly turned to the capital market and called a trading halt. After the stock had already shed more than 25% of its value, news emerged that the $190 million capital raise would be conducted at a further discount.Chalice Mining (ASX: CHN) is another stock that has secured fresh funding for its mining exploration, launching an institutional placement to raise $100 million. The funds have been earmarked for the Julimar nickel-copper-PGE project. Management unveiled a capital raise price of $6 per share, a 10% discount compared with the last trading price, and a drag on the company performance this week.Increasing short' interest in dermal surgical solutions business Polynovo (ASX: PNV) could be taking its toll on the company share price this week. PNV shares started the week on shaky ground, slammed despite no news coming out of the company and the ASX holding up fairly well. The stock is currently the fourth most-shorted stock on the ASX, and with the stock year-to-date losses mounting, PNV shrinking market cap could place it at risk of falling out of the ASX 200 at the next quarterly rebalance.Shareholders in Seven West Media (ASX: SWM), Invocare (ASX: IVC) and Nufarm (ASX: NUF) will be sporting a few bruises this week as each stock has recorded a notable pull-back. But they aren't alone, with the likes of health diagnostics duo Australian Clinical Labs (ASX: ACL) and Integral Diagnostics (ASX: IDX), as well as building peers Johns Lyng Group (ASX: JLG) and Ventia Services (ASX: VNT) also coming unstuck.

We'll be back next week with another Weekly ASX Trading Wrap Up - until then, have a great week!