In a week that was dominated by political tension between Australia and China, local shares managed to claw out a gain, driven somewhat ironically by a strong showing from iron ore stocks leveraged to robust demand from China. The ASX 200 finished the week on 6,634.10 points, up 0.5%.

Elsewhere, GDP figures showed the economy bounce back from its lull, with the September quarter delivering better-than-expected growth, while the RBA kept the door open to the prospect that there could be an "upside surprise" as the nation economic recovery unfolds.

Which shares excelled?

Iron ore miners had a standout week, buoyed by the iron ore price, which hit a seven-year high. With Brazilian miner Vale forced into a production downgrade for this year and next, Australian miners have been well-positioned to capitalise on robust demand from China.

Rio Tinto (ASX: RIO) and Fortescue Metals Group (ASX: FMG) leapt more than 10% each, with the latter recording an all-time high. Meanwhile, Mineral Resources (ASX: MIN), Champion Iron (ASX: CIA) and BHP (ASX: BHP) gained 8.1%, 7.3% and 7.2% respectively.Telix Pharmaceuticals (ASX: TLX) cemented its position as one of the best-performing stocks on the ASX this week, passing a $1 billion valuation for the first time. Shares in TLX surged 21.5%. Amid a flurry of news activity this week, the clinical-stage biotech company announced the acquisition of Swiss-German biotech firm TheraPharm.

In addition, Telix also provided a clinical development update on the running of its ProstACT phase three study, following the outcome of its pre-Investigational New Drug (IND) meeting with the US FDA. A commercialisation partnership with Korean radiopharmaceutical business DuChemBio for advanced prostate cancer imaging rounded out a positive week for Telix.

Redbubble (ASX: RBL) was back on the winners list, despite releasing no corporate news. The company did, however, unveil an initial substantial holder notice, which showed that US global investment giant BlackRock Group has taken a 5.98% stake, with a large portion of those shares bought at the start of this week.Fast-food businesses were also in favour this week, with both Collins Foods (ASX: CKF) and Domino (ASX: DMP) seeing strong gains. The move came as confidence built following CKF reporting strong earnings growth in its first-half results for FY21. The food retailer, which runs the likes of KFC in Australia and Europe, plus Taco Bell and Sizzler, reported an 11.3% increase in revenue compared with the prior corresponding period. Underlying net profit after tax rose by 15.1%, with net debt decreasing.A few other names that were the talk of the town this week were OZ Minerals (ASX: OZL), Polynovo (ASX: PNV), and Pointsbet Holdings (ASX: PBH), each rising by about 15%.

Which shares dragged on the market?

Nickel Mines (ASX: NIC) was weighed down by a capital raise this week, with the stock sliding 8.3%. The company launched a $364 million raise to fund the initial acquisition of a 30% interest in the Angel Nickel project. With the entitlement offer running at a 10% discount to the stock last traded price prior to entering a trading halt, the disparity prompted profit takers to swoop in.IDP Education (ASX: IEL) was sold down from near its highest levels since February, even though the company announced no news. It is possible that some shareholders may have been exiting the stock around concerns that souring relations between Australia and China could have an impact on international student numbers.A strong trading update was not enough to arrest the fall in the share price of Zip Co (ASX: Z1P), which shed 7.8% of its market cap this week. The company achieved record transaction volume in November of $577.1 million, representing a 44% month-on-month increase. Despite record results across all regions, some of the momentum has been sapped from the buy-now pay-later sector, with investors favouring other segments of late.Finally, there were some other well-known names under pressure this week, including Magellan Financial Group (ASX: MFG), Ansell (ASX: ANN), Corporate Travel Management (ASX: CTD), Appen (ASX: APX) and Orica (ASX: ORI).

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