Key takeaways:

• Gold shares extended their rally as the precious metal once again neared a record high

• Bank stocks encountered turbulence this week as margins showed signs of having peaked

Further ructions in the US banking sector, as well as NAB warning about competition for home loans weighed on the ASX this week.

Which shares excelled?

Just weeks after joining the ASX 300 and completing a $45 million placement, Weebit Nano (ASX: WBT) is among the week best performers. The semiconductor memory chip manufacturer has made inroads into paring recent losses by recording a six-week high. Although there was no clear catalyst behind this week rally, investors may have been digesting the company recent quarterly results, which suggested an estimated funding runway of eight quarters.Regenerative biotech firm Mesoblast (ASX: MSB) is also among the winners thanks to a strong showing on Wednesday, when the stock gained 9% in a single session. Entering Friday trading session, MSB was once again trading with a market cap above $700 million. 

Regulatory disclosures released this week indicate the addition of a new substantial shareholder on the company share register, with G to the Fourth Investments holding a 6.62% stake in the business following a US$10.3 million top-up at the start of the week.

Lottery solutions and ticket retailer Jumbo Interactive (ASX: JIN) has enjoyed a stellar week in the wake of its presentation at the Macquarie Australia Conference. Although the company indicated an unfavourable jackpot environment, investors were pleased with an updated FY23 outlook that suggested disciplined cost management. 

Marketing costs are now expected to be in the range of 1.3% to 1.5% of lottery retailing TTV, compared with a prior estimate of 1.5% to 2%. Furthermore, underlying operating cost growth is forecast to come in at 6% to 8%, well down from an earlier projection of 16% to 18% cost growth.

The price of gold circled US$2,060 per ounce at one point, providing yet another tailwind for a host of mid-to-large-cap gold producers that have been in hot demand since the start of the year. That translated into large gains for gold stocks such as Westgold Resources (ASX: WGX), Evolution Mining (ASX: EVN), and Resolute Mining (ASX: RSG), among a number of others.A trading update from Flight Centre (ASX: FLT) breathed new life into the stock, with the travel agency issuing an upbeat picture for FY23. Management indicated that the company total transaction value (TTV) is tracking 6% above pre-pandemic figures, with progress comfortably within guidance range. 

For the first time ever, the business saw monthly TTV contributions exceeding $1 billion across its leisure and corporate divisions. With profit margins growing, the business now expects underlying EBITDA of between $270 million to $290 million for the year. 

Some other names flying higher over recent trading sessions include AGL (ASX: AGL), Pinnacle Investment Management (ASX: PNI), Telix Pharmaceuticals (ASX: TLX), and Integral Diagnostics (ASX: IDX).

Which shares dragged on the market?

Weighing heavily on the local share market this week were some of the nation largest banks, headlined by National Australia Bank (ASX: NAB) and Westpac (ASX: WBC). Despite a headline increase in earnings, NAB first-half results shed light on a key issue for the sector, with indications that margins have already peaked. 

Net interest margins for NAB peaked at 1.79% in the December quarter, eased to 1.77% for the March quarter, and finished that period at 1.75%. Those figures suggest the impact of rising interest rates is not flowing through to the bank bottom line as expected, with intense competition for home loans and deposits, and increased funding costs taking their toll.

Initially soaring once its shares came out of a trading halt, momentum quickly reversed course for patented medical device maker Polynovo (ASX: PNV). Shareholders sold into news that the company had secured its first sales of a new product, an advanced wound care treatment called NovoSorb MTX. 

At the same time, management also unveiled revenue numbers for March, and despite a series of record numbers and high growth figures, investors shied away once they took stock of what is expected to be a lumpy outlook for sales.

Confession season took its toll on Super Retail Group (ASX: SUL), with the company market update informing shareholders that management expects underlying demand across its network of brands to be flat to negative. Furthermore, group gross margins were trending 10 basis points lower than the first half of the year, with logistics and supply chain costs weighing.Ramsay Health Care (ASX: RHC) third-quarter business update fell short of the market expectations, with the stock sold off in response. Although revenue growth of 10.9% across the first nine months of the year was a focal point within management commentary, as were earnings, the figures were slightly behind where analysts expected the company to be tracking.And lastly, recent days have also seen heavy declines for the likes of SiteMinder (ASX: SDR), Strike Energy (ASX: STX), Mineral Resources (ASX: MIN), Hub24 (ASX: HUB), and Endeavour Group (ASX: EDV).

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

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