While there was good news for battery metals stocks this week, the impact of a weak macro environment is starting to become more apparent in other sectors after a number of companies reported poor first-quarter trading updates this week.

Which shares excelled?

Battery metals stocks got a much-needed boost this week when the US government announced the award of US$2.8 billion in grants for EV battery production. Several ASX names found themselves beneficiaries of the news, including Novonix (ASX: NVX) and Syrah Resources (ASX: SYR), which stand to receive US$150 million and US$220 million respectively. The latter also signed a non-binding memorandum of understanding with LG Energy Solution this week.Meanwhile, lithium prices hit record highs in China, with demand for the commodity continuing to increase. Battery-grade lithium carbonate prices hit an all-time high of around US$75,000 per tonne recently, which is more than double where they started the year. That tailwind has been favourable for the above names, as well as stocks like Core Lithium (ASX: CXO), Liontown Resources (ASX: LTR), and Lake Resources (ASX: LKE).The rebound in Polynovo (ASX: PNV) shares has continued to play out this week, helped by the company recent update, where it notched up its first quarter where sales topped US$5 million. It appears that growth has prompted the company Chair to put more of his money on the line, purchasing an additional 115,000 shares on-market over recent days, worth around $200,000, to increase his stake in the business to more than 3.5%, or over $40 million.In news that proved to be a relief for some of its shareholders, Star Entertainment Group (ASX: SGR) avoided a worst-case scenario this week when it was handed its punishment following an inquiry by the NSW Independent Casino Commission. 

The company was under investigation regarding allegations of money laundering, fraud, and connections to organised crime. However, rather than having its casino licence cancelled, the company was handed a $100 million fine and licence suspension for 90 days, during which time it will have the opportunity to prove its suitability to hold a casino licence once again.

Fund managers have been under pressure lately, but wealth management platform Hub24 (ASX: HUB) is shaking off the industry tailwinds. Management released a quarterly update this week, which showed the platform recorded net inflows of $3 billion during the September quarter, a surprisingly resilient result given the state of the market. Amid growth in adviser numbers, its funds under management (FUA) grew to $52.4 billion.On a different note, payments processor Tyro Payments (ASX: TYR) has been in the news this week as it emerged that Westpac (ASX: WBC) is eyeing a potential acquisition of the business. Tyro has received several proposals lately, although should a formal bid emerge it will have to be higher than the $1.27 per share offer the company declined in September that it deemed highly opportunistic.Other stocks faring well this week include Neuren Pharmaceuticals (ASX: NEU), Chalice Mining (ASX: CHN), and Endeavour Group (ASX: EDV).

Which shares dragged on the market?

Already one of the most shorted stocks on the ASX, Megaport (ASX: MP1) suffered another setback this week when its first-quarter update fell short of investor expectations. 

Megaport revenue increased 10% for the quarter, but customer numbers and total ports rose just 2% and 1% respectively. The figures likely gave shareholders reason to reassess their valuation for the company, where growth has seemingly moderated, especially with the number of its installed data centres going backwards during the period.

Building materials company Adbri (ASX: ABC) was hit with a wave of selling activity earlier in the week when news broke its CEO would be leaving the company after the Board came to the view it was time for change. 

A trading update was also provided, and it was unveiled that recent efforts to address inflationary costs have had little success thus far in terms of offsetting headwinds. Underlying net profits are expected to decrease at least 29% versus the prior corresponding period, although a number of new initiatives have been identified to drive a turnaround in performance.

Copper prices have been under pressure lately, but it appears Sandfire Resources (ASX: SFR) is feeling more than just a squeeze on revenue. The company upgraded its full-year guidance, but higher costs weighed on its earnings in the most recent quarter. Combined with lower realised prices, and lower sales, the company cash flow generation took a backwards step.

The gold sector was also out of favour this week, with the spot price of the precious metal coming unstuck as US Treasury Yields hit their highest levels since the Global Financial Crisis on expectations of higher interest rates. 

Adding to the gold sector woes was a weak quarterly report from Evolution Mining (ASX: EVN), where inclement weather led to a production hit, and operating costs rose once again. Those headwinds flowed through to Regis Resources (ASX: RRL), where one of its major shareholders, State Street Corporation, has been reducing its stake.Finally, Bega Cheese (ASX: BGA), 29Metals (ASX: 29M), WAM Capital (ASX: WAM), Judo Capital (ASX: JDO), as well as coal duo Yancoal (ASX: YAL) and Whitehaven Coal (ASX: WHC) all weighed on the local share market.

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