Key takeaways:

• Concerns about elevated inflation in the US, and the geopolitical situation in the Middle East resurfaced late in the week 

Which shares excelled?

These were the major winners over recent trading sessions:

• A major acquisition by Whitehaven Coal (ASX: WHC) helped propel its shares higher, with the company transforming into a major metallurgical coal operator after buying coal mines from a joint venture entity between BHP and Mitsubishi in a US$3.2 billion deal

• Amid worries of an all-out war in the Middle East, investors flocked to gold stocks, which included the likes of Northern Star Resources (ASX: NST), De Grey Mining (ASX: DEG), Gold Road Resources (ASX: GOR), and Regis Resources (ASX: RRL)

• Defying the broader market sell-off for most of the week, agribusiness Elders (ASX: ELD) made a promising move after recently touching a 52-week low

• Proving more defensive than a host of other ASX names this week, TPG Telecom (ASX: TPG) shares rallied on news that industry peer Vocus is in talks with advisors to put together debt financing to acquire TPG’s fibre assets

• There were also positive results from names such as Neuren Pharmaceuticals (ASX: NEU), Deep Yellow (ASX: DYL), and Treasury Wine Estates (ASX: TWE)

Which shares dragged on the market?

These stocks weighed on the local market across the course of the week:

• After its takeover suitor Albemarle walked away from a deal, Liontown Resources (ASX: LTR) was forced to tap the equity markets with a heavily-discounted capital raise, sinking its share price on Friday

• Credit Corp (ASX: CCP) announced a massive impairment of its US debt ledgers, in turn forcing the business to revise its FY24 NPAT forecast lower by $45 million

• Bapcor’s (ASX: BAP) annual general meeting proved decisive for the stock this week, with the business announcing a more moderate growth profile in its Trade and Wholesale markets, and a further deterioration in its Retail segment amid macro headwinds

• A first-quarter trading update for luxury retailer Cettire (ASX: CTT) pointed to strong revenue and customer growth, but those figures prompted a wave of profit taking from investors

• Telix Pharmaceuticals (ASX: TLX), Chalice Mining (ASX: CHN), AMP (ASX: AMP), SiteMinder (ASX: SDR), and Netwealth (ASX: NWL) all dragged the ASX lower 

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