Buoyed by Tuesday strong session, where the ASX recorded its largest gain in more than two years, the local market is holding onto weekly gains after the RBA unexpected move to ease the pace at which it hikes interest rates.

Which shares excelled?

Making a strong case for this week top stock, Polynovo (ASX: PNV) blitzed the market yesterday when it announced a record sales month. Securing $5 million in sales for the first time in a calendar month, the company also advised that it brought in $12.5 million during the quarter, which represents more than 70% growth versus the prior corresponding period. The majority of said revenue came from its US division, where sales are growing at a rate of knots.Lithium stocks were given a shot in the arm this week when the Department of Industry put forward forecasts that suggest lithium exports could grow by almost 200% in FY23 to $13.8 billion. Pilbara Minerals (ASX: PLS), which also recently received a broker upgrade from Macquarie following its latest battery material exchange (BMX) auction, soared to a record share price this week. However, other names like Lake Resources (ASX: LKE) enjoyed its share of the spoils, announcing a lithium offtake deal to supply Netherlands-based WMC Energy with lithium carbonate from the Kachi Project.Following ructions in the oil market, with OPEC+ delivering a larger than expected production cut of 2 million barrels a day starting next month, coal producer Whitehaven Coal (ASX: WHC) posted yet another strong result this week. Going from strength to strength over recent months, the stock was a beneficiary this week as coal prices are typically impacted by shocks in the broader energy market, including the spike in oil prices seen in response to OPEC latest move.One of the many beneficiaries of the RBA dovish pivot earlier this week, SME-oriented bank Judo Capital (ASX: JDO) features among the best performing stocks. The central bank move to slow its rate hike program is designed to try to bring balance towards combating inflation and ensuring the economy does not tip into recession. This balance is a net positive for financial institutes like Judo who might otherwise face steeper levels of bad debts.Takeover news continues to hover over Link Administration (ASX: LNK), which this week announced additional proposals from its recent suitor Dye & Durham. While the proposal to acquire the whole Link Group is seemingly dead in the water, the UK firm is now eyeing Link Corporate Markets and BCM businesses. Two proposals were initially rejected by the Link Board, however, a third bid to the tune of $1.27 billion is currently being reviewed, albeit the indicative offer remains non-binding and conditional.A chorus of stocks from other fields have had bumper weeks, with Karoon Energy (ASX: KAR), Telix Pharmaceuticals (ASX: TLX),  Jervois Global (ASX: JRV), Capricorn Metals (ASX: CMM), Grange Resources (ASX: GRR), and Lovisa Holdings (ASX: LOV) just a few of the names to post strong gains.

Which shares dragged on the market?

Challenges continue to build for one-time favourite Magellan Financial (ASX: MFG), a fund manager previously compared with some of the biggest names in the global industry, which this week suffered another sell-off at the hands of disappointed shareholders.

The fund co-founder and former Chair and Chief Investment Officer, Hamish Douglass, returned to work this week in a consultancy role, but it was an update from the wealth management firm that sent another shock through the stock to leave it reeling at an eight-year low. 

Following brutal outflows over recent months, funds under management (FUM) slumped yet again in September, with institutional investors pulling out roughly $3.2 billion alone, and retail investors also withdrawing approximately $400 million. Total FUM is now sitting just above $50 billion, which is a far cry from this time last year when it was more than double that amount.

Also once a high-flying name, Appen (ASX: APX) shares have been dramatically cut back down to earth since the tech boom that took off during lockdowns, with its woes getting deeper this week on the back of yet another downgrade.

The stock is now down almost 95% from an all-time high when it was a multi-billion dollar name set to lead the AI machine-learning space. Since that time, it has been hammered by competition, changes to Apple iOS platform, decreased client spending, and souring tech sentiment, with the stock now trading at a five-and-a-half year low.

Yesterday the company admitted to the market that it has not seen any improvement in spending from its major clients, which had previously weighed on the company revenue growth and pushed its earnings into the red. EBITDA is now tipped to be well behind last year figures, at just US$13-18 million despite a record number of projects currently running at one time.

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