The local market hit its highest level in a month this week, with investors shrugging off a commodity pull-back tied to fresh lockdowns in China, and instead taking confidence from a stellar jobs report and the Federal Reserve decision to lift rates by just 25 basis points.

Which shares excelled?

It been one of the most-popular up-and-coming stocks across the ASX, and especially across the Selfwealth community, and this week saw Incannex Healthcare (ASX: IHL) extend its remarkable run. The stock, which is also dual-listed on the Nasdaq, soared at the beginning of the week following preliminary results from a phase 2 clinical study assessing experimental cannabinoid IHL-42X in the treatment of obstructive sleep apnea. Over the last year, IHL shares have gained around 200%.South Australian telecommunications company Uniti Group (ASX: UWL) was in the news this week as it confirmed it is in discussions with global fund manager HRL Morrison & Co with regards to a potential takeover. Uniti Group has been in the sights of the fundie, which is offering upwards of $4.50 per share, or $3.1 billion for the company, albeit the offer is non-binding, preliminary and highly conditional and uncertain at this stage.Elsewhere, Block (ASX: SQ2) shares have managed to rally hard over recent trading sessions, which coincides with the return of a risk-on appetite across the market. That came despite the US Federal Reserve increasing interest rates this week by a quarter of a percent, although that was favourable compared with the prospect of a half-percent increase.Elders (ASX: ELD) is one stock with a number of tailwinds supporting it over recent weeks, and that meant it touched an all-time high earlier in the week. The company has been able to lift its market share across a number of agricultural segments, buoyed by strong demand for its fertiliser and farm chemicals, as well as elevated livestock pricing. Management expects underlying earnings before interest and tax for FY22 to be 20-30% higher than the prior corresponding period.Jumbo Interactive (ASX: JIN) was in the news this week, bursting out of the gates on Monday morning, but then coming into attention later in the week as reports surfaced that the internet gaming and lotteries reseller is potentially looking at merger and acquisition opportunities. There was no price-sensitive news from the company this week, so the M&A train of thought could be spurring some buying activity among onlookers. It was a strong week for jobs portal Seek (ASX: SEK), which bounced sharply higher on a blowout employment report from February. Australia official unemployment rate touched a 14-year low last month, hitting just 4%, while the often-overlooked underemployment rate dropped to 6.6%. With online job vacancies and advertisements also surging to their highest levels in a long time, investors appear to be betting on those conditions supporting Seek.Rounding things out, this week other winners included EML Payments (ASX: EML), GQG Partners (ASX: GQG), Mesoblast (ASX: MSB), Hub24 (ASX: HUB), Corporate Travel Management (ASX: CTD) and REA Group (ASX: REA), among others.

Which shares dragged on the market?

After a standout few weeks, gold stocks were on the back foot this week as some of the heat came out of the price of the precious metal. Prices at one stage dropped to around US$1,910/oz, before paring some of those losses. Based on that, names like Westgold Resources (ASX: WGX), Chalice Mining (ASX: CHN), De Grey Mining (ASX: DEG) and Gold Road Resources (ASX: GOR) all struggled.Despite recovering some ground during today trading session, weaker coal prices and ex-dividend status weighed heavily on Yancoal Australia (ASX: YAL). The coal miner dropped as much as 17% on Tuesday after shareholders became entitled to an unfranked dividend payment to the tune of 70.4 cents per share. What more, coal prices have come back more than 25% from their recent high.There was also some weakness among battery tech plays this week, despite the ASX having one of its best showings in some time and returning to its highest level in a month as growth appetite returned. Nonetheless, stocks like Allkem (ASX: AKE), IGO (ASX: IGO) and to a lesser extend, Australian Strategic Materials (ASX: ASM) and Pilbara Minerals (ASX: PLS), were all among some of the worst-performing mid-to-large-cap stocks this week.

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