Key takeaways:

• Momentum has sided with battery metals stocks this week as the pathway towards renewables builds

• Gold is back in favour amid growing hopes of a dovish pivot from the Federal Reserve 

Despite a series of weak earnings reports from big tech in the US, the Australian share market has gained ground over the course of the week, with just one sector in the red.

Which shares excelled?

After last week strong performance, battery metals stocks have backed up that showing with another stellar result this week. Novonix (ASX: NVX), which was announced as the recipient of US$150 million in funding from the US government for EV battery production, continued its rebound, lifting various other names from the sector higher at the same time.That included Vulcan Energy Resources (ASX: VUL), which had positive news of its own to unveil to shareholders. The aspiring zero-carbon lithium producer produced the highest-grade, lowest-impurity lithium hydroxide from the pilot plant at its project in Germany thus far. Results suggest the material produced 57.1% lithium hydroxide, which the company describes as easily exceeding best-in-segment battery grade specifications, allowing for a definitive feasibility study to be completed in the first quarter of 2023.Movement is in the air among gold stocks, with the sector clawing back ground this week as investors ramp up bets the US Federal Reserve could be set to wind down 75 basis point hikes and move towards more cautious adjustments. That speculation prompted a fall in the bond market and the US dollar, while also providing some relief for gold prices. Winners this week include Bellevue Gold (ASX: BGL), Evolution Mining (ASX: EVN), Gold Road Resources (ASX: GOR), and Northern Star Resources (ASX: NST).An upbeat profit guidance for Credit Corp (ASX: CCP) was enough to propel its shares higher earlier this week, with the debt collector also finalising a major acquisition. Management reiterated the company FY23 profit outlook of $90 million to $97 million, while lending activity remains on target to come in between $50 million and $60 million. In a positive sign, however, the forward outlook for ledger investment was raised to a range of $240 million to $260 million.In the case of fruit and vegetable supplier Costa Group (ASX: CGC), its shares have been lifted by news that US-based sustainable food fund Paine Schwartz Partners has acquired a 13.78% stake in the business. Forking out $161 million, the fund returns to the shareholder register after previously being the majority owner of Costa prior to its 2015 IPO.One of the winners it would seem from this week federal budget is building products supplier Boral (ASX: BLD). In the lead-up to, and following the budget, the stock gained ground as news emerged the government intends to splash billions across infrastructure and one million new houses.Other winners this week include Sayona Mining (ASX: SYA), Pexa Group (ASX: PXA), PWR Holdings (ASX: PWH), G.U.D Holdings (ASX: GUD), and Accent Group (ASX: AX1).

Which shares dragged on the market?

There was no escaping a brutal sell-off this week for private health insurer Medibank (ASX: MPL), which was caught up in the middle of a cyberattack. Shares in MPL were suspended late last week pending an update from the company, and it turns out the situation is worse than expected, with hackers gaining access to personal and medical data related to all of its customers. 

Making matters worse, Medibank does not have cybersecurity insurance, which means it is on the line for an estimated $25 million and $35 million in costs, before taking into account other likely expenses related to litigation, regulatory action, and potential remediation. On the back of the news, the company was forced to scrap its FY23 outlook for policyholder growth.

Between profit taking, ex-dividend status, and the fallout of the federal budget, coal stocks such as New Hope (ASX: NHC), Yancoal (ASX: YAL), Whitehaven (ASX: WHC), and Coronado Global Resources (ASX: CRN) have been trading on the back foot this week. 

While many countries overseas are starting to pivot back towards coal in the face of a global energy crisis - something that has spurred a rally in the sector this year - this week budget made it clear renewables will be the way forward for Australia, and government intervention in the energy sector hasn't been ruled out.  

A disappointing trading update weighed on shares in Ampol (ASX: ALD), the nation largest transport energy distributor and retailer. Among the key points unveiled, the company announced that it was hurt by earlier purchases of jet fuel at higher prices, which it subsequently sold at a loss. This was partly offset by the strength of its refining and convenience retail channels, but investors were none too pleased about that slip-up, despite the fact Ampol remains on track for record full-year earnings.Another name that has fallen short of investors' expectations is industrial valve manufacturer Reliance Worldwide (ASX: RWC). It reported weaker than expected quarterly sales this week, with volumes retreating across all of its key markets except Australia. Management also cited the difficult trading environment, which has seemingly made some shareholders nervous.And lastly, shareholders in Jervois Global (ASX: JRV), Iluka Resources (ASX: ILU), and Endeavour Group (ASX: EDV) find themselves wearing losses this week.

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