Shares have seen their biggest one-week tumble since mid-June, with investors nervous as central banks commit to aggressive rate hike cycles that may threaten the global economy.

Which shares excelled?

One of this week best performers, and defying the negative sentiment in the consumer retail sector, Lovisa (ASX: LOV) shares have surged higher. The jewellery retailer released its FY22 earnings earlier in the week, and the company growth was enough to see it win favour among shareholders.

In particular, Lovisa revenue soared almost 60%, which translated into net profit after tax rising more than 116% versus a year prior. The company has successfully passed through price hikes designed to offset the impact of inflation, while its global store network has expanded considerably in recent times. In addition, management also reported the beginning of FY23 has started in strong fashion, with sales up 21% versus the comparison period.

Elsewhere, salary packaging firm McMillan Shakespeare (ASX: MMS) has turned out to be another beneficiary of ASX reporting season. With its normalised revenue up 9.2% versus a year ago, and statutory net profits growing by 15.2% to just over $70 million, the company hiked its final dividend by 154% to 74 cents per share as part of a broader improvement to its dividend policy. Management also announced an off-market buyback for up to 10% of shares in MMS.Webjet (ASX: WEB) shares have taken flight this week as the travel portal return to normality' comes to fruition. Its bookings are tracking at 95% of pre-pandemic levels, with each of its key divisions profitable throughout early trading in FY23. 

While most people would know Webjet as a travel booking platform, the real star has been its WebBeds division, which is the world's fastest-growing B2B travel intermediary. This division has been at the centre of the frenzy in travel across the northern hemisphere, with the company seeing total transaction values hit all-time records.

Meanwhile, with margins improving, and its market share also growing at the same time, Webjet is eyeing significant growth over the coming year.

Another winner this week has been coal exporter Yancoal (ASX: YAL), which delivered a strong half-year report despite a shortfall in production versus H1 FY21. It posted a record revenue result during the period, which was directly attributable to the strong increase in coal prices, which averaged $314 per tonne during the half. On the back of the huge revenue result, EBITDA also soared to record heights.

Which shares dragged on the market?

Iron ore miner Grange Resources (ASX: GRR) has been one of the stocks under the pump this week, taking a heavy bruising as the week progressed. Its half-year earnings for FY22 failed to motivate buyers, with revenue down nearly a quarter versus the corresponding half last year. 

This decline was due to a large slump in the average price of iron ore pellets, as production was in line with last year result. Nonetheless, Grange Resource statutory profits slumped by more than a third, impacted by a 13% increase in cash operating costs.

At the same time, a major pull-back in iron ore prices throughout the week wreaked havoc on the junior iron ore name, as well as some of its bigger-name peers. For example, both BHP (ASX: BHP) and Fortescue Metals Group (ASX: FMG) had a week to forget, with each among the casualties this week. Adding to their woes, BHP traded ex-dividend, and FMG results seemingly failed to live up to shareholders' expectations.Sports betting company Pointsbet Holdings (ASX: PBH) has felt the heat this week, as investors savaged the stock in light of its full-year earnings. Although revenue for the high-growth company soared over 50%, resulting in nearly $300 million in sales, its losses ballooned out to around $270 million. Shareholders appear to be none too pleased with the result at a time where some investors have started to get a little nervous in the market once again.Polynovo (ASX: PNV) is another name seeing ongoing selling pressure, with the stock enduring a second straight week of pain. A week ago the surgical devices company published its full-year earnings, and like many other names among this week laggards, it left shareholders with a sour taste in their mouths. Although its losses were pared on the back of higher revenue, the company decision to withhold revenue and profit guidance for FY23 shook sentiment.Copper producer Sandfire Resources (ASX: SFR) has faced a tough time this week, even as it announced plans to expand capacity at its Motheo Copper mine by as much as 60% to 5.2 million tonnes per annum. At first glance, the company record sales may have been reason for optimism, but as investors dived deeper into the details, they also noticed the company DeGrussa Copper segment recorded less EBITDA than the preceding result, while dividends have been cut in the name of pursuing growth projects.And lastly, gold producers have faced a few rocky trading sessions, continuing the theme that sees resource stocks underperforming this week. Gold prices have been trending lower, even dipping below US$1,700 per ounce, which has been enough to see the likes of Evolution Mining (ASX: EVN), West African Resources (ASX: WAF), and Perseus Mining (ASX: PRU) weigh on the ASX.

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