Key takeaways:

• Gold hit a 13-month high, while oil prices suddenly rebounded 

Local shares advanced in a shortened trading week, with buying support for gold increasing, and energy stocks rallying following a bold move from OPEC+. 

Which shares excelled?

Former high-flying clinical stage immuno-oncology company Imugene (ASX: IMU) delivered shareholders strong returns as it announced a key trial update. The company has started dosing a third cohort of patients as part of a key trial for cancer-killing virus known as VAXINIA.

Imugene trial forms part of its Phase One study assessing the safety of its virus candidate, which is being targeted towards the treatment of metastatic advanced solid tumours (MAST). The firm is looking to dose up to 100 patients across 10 trial sites spread across Australia and the US. Shares in Imugene surged more than 15% on the back of the update.

Energy shares gained ground as OPEC+ surprised the market with an unexpected commitment to cut supply output. In a development that few tipped, Saudi Arabia, Iraq, as well as several Gulf states indicated they would cut supply by a combined one million barrels of oil per day. Meanwhile, Russia extended its cut of half a million barrels per day until the end of the year. 

The oil cartel decision acted as a boost for oil prices, simultaneously reigniting concerns that inflation could take off once again. Some of the ASX winners arising from higher oil prices included Strike Energy (ASX: STX), Beach Energy (ASX: BPT), and Karoon Energy (ASX: KAR).

Already one of the outperforming trends across recent months, gold stocks extended their strong run with another favourable showing. The precious metal leapt to within a whisker of an all-time high, surpassing US$2,030 per ounce before prices drifted lower. 

Higher gold prices continue to underpin stronger share prices across a number of ASX-listed gold producers such as Resolute Mining (ASX: RSG), Silver Lake Resources (ASX: SLR), Evolution Mining (ASX: EVN), Ramelius Resources (ASX: RMS), Tietto Minerals (ASX: TIE), and Emerald Resources (ASX: EMR).Shares in Insurance Australia Group (ASX: IAG) outperformed this week as the insurance giant gained favour among more defensive-minded investors. The company is often thought of as the beneficiary of a higher interest rate environment, owing to the returns they generate from their bond investments, and the ability to pass on higher premiums during inflationary periods.Among the week other winners are Telix Pharmaceuticals (ASX: TLX), ASX (ASX: ASX), and Tyro Payments (ASX: TYR).

Which shares dragged on the market?

After a strong showing a week ago, battery metals stocks took a breather this week as investors digested the strength of the recent rally. That followed a pull-back in US-listed lithium stocks, with the sector proving susceptible to a change of view from Bank of America. 

The US investment banking giant has weighed up declining lithium prices, arguing some of the industry bigger players, including Liontown suitor Albemarle, are likely to see a negative revision to their earnings. This took a toll on a number of ASX peers including Syrah Resources (ASX: SYR), Allkem (ASX: AKE), and Pilbara Minerals (ASX: PLS).Investment platform Netwealth (ASX: NWL) tumbled as much as 7% during one of this week trading sessions, which followed a quarterly update from the firm. It appears that investors were concerned about inflows for the company, because while NWL recorded $1.7 billion in net inflows, that represented slowing growth compared with prior quarters.Fund manager Magellan Financial (ASX: MFG) was also in the spotlight, with its shares trending lower once again. The company funds under management (FUM) report unveiled another $3.9 billion in net outflows throughout March, including a sizeable $3.4 billion across institutions following market volatility last month. That meant at the end of March the company total funds under management was $43.2 billion, a drastic decrease compared with the days where that number was sitting comfortably above $100 billion.Last but not least, disappointing results from Grange Resources (ASX: GRR), Nickel Industries (ASX: NIC), Downer (ASX: DOW), Silex Systems (ASX: SLX), and Paladin Energy (ASX: PDN) capped the weekly performance of the local market.

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