Commodities were tipped to be at the heart of this week trading action, and that certainly proved to be the case, with gold and uranium stocks rallying, crude oil prices swinging wildly, nickel prices skyrocketing after a short squeeze, and lithium stocks also hitting their straps.

Which shares excelled?

Making a mighty leap at the start of the week, only for a large chunk of its gains to be pared back, Stanmore Resources (ASX: SMR) still managed to deliver strong returns for shareholders. That came despite the company completing a $656 million institutional placement, with the company capital raise set to help the coal explorer partially fund the acquisition of an 80% stake in BHP Mitsui Coal. Pitched as a transformational acquisition, the $1.2 billion joint venture has seemingly won support from shareholders.Gold stocks were one of the leading segments again this week, with the conflict in Ukraine and broader economic uncertainty hanging over the world driving a rotation into precious metals. Although the rally faded after a brief spike in gold prices to US$2,070/oz, names like De Grey Mining (ASX: DEG), St Barbara (ASX: SBM), Gold Road Resources (ASX: GOR), West African Resources (ASX: WAF) and Regis Resources (ASX: RRL) were able to hold onto their weekly gains.It was a similar story for Red 5 (ASX: RED), an Australian gold producer that operates the Darlot and King of the Hills (KOTH) gold mines in the Eastern Goldfields region of Western Australia. The company share price was also aided by news this week that plant commissioning and mining are advancing on schedule at its KOTH gold project, with further milestones achieved in recent weeks.Shares in Mesoblast (ASX: MSB) bounced higher this week, despite the popular regenerative medicine company set to be turfed from the ASX 200 at the next quarterly rebalance. There was no price-sensitive news from the company, but with the stock among the most-shorted ASX names, the rally may have come on the back of traders rebuying shares to close out their shorts.Uranium stocks like Paladin Energy (ASX: PDN) and Energy Resources of Australia (ASX: ERA) were also marching higher this week, with prices for the element reaching a decade-high as investors assess the prospect of sanctions against Russia, which supplies 10% of global uranium. Trading at US$59 per pound, uranium prices were last at this level back in mid-2011. There were also strong performances from the likes of Lake Resources (ASX: LKE), Piedmont Lithium (ASX: PLL) and Sayona Mining (ASX: SYA). This followed the inclusion of Lake Resources and Sayona Mining into the ASX 300, and Piedmont announcing positive economics for a second lithium hydroxide plant in the US.

Which shares dragged on the market?

Nickel prices soared to unprecedented levels this week, however, it was the nature with which the commodity took off that ultimately had a domino effect on Nickel Mines (ASX: NIC). 

News emerged that the rally in nickel prices was caused by a short squeeze against Chinese nickel and stainless steel producer Tsingshan Holding Group, which also happens to be a partner to Nickel Mines' flagship project in Indonesia. 

Although Nickel Mines has sought to address the concerns, and reports suggest Tsingshan has secured loans and metal to settle its short position, some shareholders may be wary about the prospect of Tsingshan reducing its 18.7% stake in NIC.

Elsewhere, Rio Tinto (ASX: RIO) dragged on the ASX after trading ex-dividend earlier this week, with the iron ore major previously declaring a final ordinary dividend of 417 US cents per share, as well as a final special dividend of 62 US cents per share. It wasn't the only name from the sector offering shareholders a juicy dividend, with Grange Resources (ASX: GRR) trading ex-dividend today courtesy of a fully-franked special dividend of 10 cents per share.For the third week in a row, retail clothing business City Chic (ASX: CCX) features on the list of the worst-performing stocks, unable to arrest the slide in its share price since it released its H1 FY22 report. The stock is now down more than one-third since that time, and more than 50% off its 52-week high from October last year.Shares in Bluescope Steel (ASX: BSL) took a tumble on Tuesday, even as steel prices firm in response to the supply concerns arising from the war in Ukraine. One factor that may be striking home with investors is the recent rise in iron ore prices, with the commodity a key ingredient in steel manufacturing, and a potential constraint on margins.Wrapping up this week underperformers, we also saw large share price declines for PEXA Group (ASX: PXA), Siteminder (ASX: SDR), Fineos (ASX: FCL) and MA Financial Group (ASX: MAF).

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