Key takeaways:

• Utilities and industrials lead the way for the ASX, with all but one sector in the green.

• AGM updates have proved decisive for a number of stocks this week.

The ASX has managed to extend its recent rally to a six-month high thanks to a broad-based contribution across the market.

Which shares excelled?

AI chip manufacturer Brainchip (ASX: BRN) headlines the top performers. Its rally comes despite no price-sensitive news, suggesting traders have piled into the stock on momentum signals. 

With that said, the company appears to be one of the beneficiaries of positive market sentiment at this time. The tech sector has seen an improvement over recent weeks as it increasingly looks like the Federal Reserve may scale back the pace of its rate hikes. That has not only provided a boost to US chip-makers, but also locally-listed Brainchip.

Elsewhere, Chalice Mining (ASX: CHN) rose to prominence this week after announcing drilling results at its Julimar project in Western Australia. Describing the intersections as outstanding, the highlight of its campaign was a hit' of 157.5 metres at 0.8% nickel equivalent from 328 metres. 

Some of the intersections Chalice Mining has picked up are more than 650 metres outside its existing resource area. The company believes this will provide scope for potential resource growth. At the moment, staff are running further step-out drilling, with results expected in due course.

Environmental technology firm Calix (ASX: CLX) is also among the winners this week. The company has put in a good performance following news that it has signed an agreement with building materials supplier CEMEX. The pair will work on decarbonisation efforts. A particular emphasis will be placed on the construction value chain, including Carbon Capture, Utilisation, and Storage (CCUS) projects.Furniture retailer Nick Scali (ASX: NCK) is in the spotlight as a major mover. The company held its annual general meeting this week, and a positive trading update did the trick. During the first four months of FY23, revenue is up 74% to $194 million. 

Management noted that supply chain issues have moderated, although interest rates and inflation remain uncertainties for customers. Given its sales already on the board, the company anticipates first-half NPAT to rise between 57-66%. Looking ahead, the firm most recent acquisition, Plush, is expected to continue contributing strongly.

Whitehaven Coal (ASX: WHC) started the week in strong fashion thanks to buoyant coal prices. It appears that industry dynamics are once again playing a role for the coal miner. This time, reports of rail blockades in South America have been influential. That is because one of the industry major exporters, Cerrejon, has seen its coal transportation interrupted as ex-employees take action.A host of resources stocks round out this week winners, including Sandfire Resources (ASX: SFR), Gold Road Resources (ASX: GOR), as well as Evolution Mining (ASX: EVN). The latter announced significant copper-gold extensions following drilling at its Ernest Henry site in Queensland. The company believes the results will support its pre-feasibility study (PFS). It may also feed into an extended mine life as part of a planned resource update due Q1, 2023.

Which shares dragged on the market?

Medical device manufacturer Polynovo (ASX: PNV) saw its share price suffer this week following a capital raise. The company announced a three-part capital raise, with the first component being a $30 million placement to institutional shareholders. 

In total, Polynovo is raising $47 million. As so often happens upon news of a capital raise, the stock declined sharply. Nonetheless, shareholders will be hoping for a positive rebound. Management has indicated that proceeds from the raise will be used to accelerate the company international growth, including a new manufacturing facility.

Despite a Friday rebound, Nanosonics (ASX: NAN), which manufactures and distributes ultrasound probe disinfectors and other related technologies, struggled earlier in the week. Both Goldman Sachs and Morgans provided a downbeat analysis of the company trading update. Concerns about the company growth trajectory include uncertainty over its latest operating costs. That follows a previous overshoot when costs were last reported to the market.There was high drama at the annual general meeting of Star Entertainment (ASX: SGR). Shareholders voiced their disapproval about the company leadership following a year of scandals for the casino operator. Nearly 30% of shareholders voted against the proposed remuneration report. Several investors also openly criticised leadership at the meeting. That ruction flowed through to SGR shares, which traded lower.In other news, an update from WiseTech Global (ASX: WTC) left its shareholders somewhat flat. Despite a history of repeatedly upgrading its guidance over the years, this week AGM saw no repeat of that trend. News that the company was reiterating its existing outlook for FY23 was met with selling activity, even though the business continues to post strong growth.Lastly, shareholders in Perpetual (ASX: PPT) and SiteMinder (ASX: SDR) saw recent gains trimmed.

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