The Reserve Bank of Australia decision to lift interest rates by 50 basis points this week has thrown the cat among the pigeons, with banks, property stocks, and consumer discretionary names all taking a hit. Sentiment has also wavered late in the week as growth stocks find themselves under pressure once again, including tech and battery metals stocks.

Which shares excelled?

Takeover rumours were at the heart of Atlas Arteria (ASX: ALX) strong mid-week showing, when the stock jumped almost 20% to a multi-year high. News emerged that private equity firm IFM has taken up a 15% stake in the business and is looking at a potential takeover offer. The toll road group is among a number of infrastructure and industrial businesses that have become targets for the private equity sector over the course of the pandemic.For the second week running, shares in Woodside Energy Group (ASX: WDS) have been pushing higher as firm oil prices continue to serve as a tailwind for the energy major. Although OPEC is planning to raise its output, energy traders are casting doubt on the supply dynamic for the industry, and crude oil prices were at one stage nearing US$123 per barrel.On Tuesday, coal producer Yancoal (ASX: YAL) knocked back a takeover bid from its largest shareholder. Previously, China Yankuang Energy Group lobbed a $1.8 billion offer at the company, although it was actually priced at a discount to the share price. This week Yancoal management wasted no time making it clear the bid was not in the best interests of its minority shareholders, which has prompted Yankuang to acknowledge that it is open to negotiations.Meanwhile, building materials supplier Boral (ASX: BLD) has been one of the better names this week, and it follows news the company has prized Vik Bansal away from Infrabuild to run the business. Although Mr Bansal last tenure at Cleanaway ended in somewhat controversial circumstances, he did oversee marked progress for the business during that time.Graincorp (ASX: GNC) is another stock bucking the trend this week. It has been given a shot in the arm thanks to positive coverage from investment bank Macquarie. The firm argues that Graincorp could see another robust crop this winter, while also slapping an outperform' recommendation on the stock with a price target of $11.10 per share.

Which shares dragged on the market?

The week biggest casualties have been none other than the Big Four', as well as other lenders and regional banks. Westpac (ASX: WBC), Commonwealth Bank (ASX: CBA), National Australia Bank (ASX: NAB), and ANZ (ASX: ANZ) were all crunched as the Reserve Bank of Australia made the shock move to lift interest rates by 50 basis points.

Although rising interest rates might typically be seen as good for banks and their margins, the pace associated with the rate hike outlook has some observers worried. This is centred on concerns about credit growth easing, a potential slowdown in the domestic economy, the prospect of a sharp drop in house prices, and the risk of unemployment rising and contributing to bad debts.

It is these factors that have also contributed to selling pressure in the likes of Bendigo Bank (ASX: BEN), Judo Bank (ASX: JDO), and Bank of Queensland (ASX: BOQ). At the same time, names tied to property, like Genworth Mortgage Insurance (ASX: GMA), Domain Holdings (ASX: DHG), REA Group (ASX: REA), and even Reece (ASX: REH), all took a sharp fall this week.Elsewhere, a number of battery metal stocks are still reeling after last week call from Goldman Sachs that effectively put a line through the lithium bull market. Combined with risk-off sentiment swelling in this rate-sensitive segment of the market, it has been a tough week for the likes of Sayona Mining (ASX: SYA), Ioneer (ASX: INR), Syrah Resources (ASX: SYR), Vulcan Energy (ASX: VUL), and Novonix (ASX: NVX)Shares in Magellan Financial Group (ASX: MFG) have continued their slide, with the fund manager latest update proving a hard pill to swallow for shareholders. In May, the company funds under management (FUM) decreased another 5.2% to $65 billion, with global equities dragging on its performance. In a further sign of the company fall from grace, Magellan is also set to be dumped from the S&P/ASX 100.Another fund manager faring unfavourably at this time is WAM Capital (ASX: WAM), which has set a new 52-week low this week. Although the stock underperformance this week has in part been driven by the fact it traded ex-dividend on Monday, WAM has also been under pressure amid the heightened volatility across the stock market.Last but not least, shareholders in Super Retail Group (ASX: SUL) will want to put this week behind them, with the stock taking a hit following Tuesday rate hike and what impact it might have on discretionary spending, while Brainchip (ASX: BRN) also tumbled despite news it will be added to the S&P/ASX 200 at the next quarterly rebalance.

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