Key takeaways:

• Lithium, uranium, copper, and fund managers headline the list of this week winners

The local market is trading at its highest level in six weeks as a number of large-cap names set yearly highs, and confidence builds among growth stocks.

Which shares excelled?

Shares in medical device manufacturer Polynovo (ASX: PNV) have led the market higher this week with a strong showing. Although no price-sensitive news emerged out of the company over recent days, the stock hit a new 52-week high. 

However, on Wednesday, the company presented at the JP Morgan Healthcare Conference, where it appears the company growth pitch resonated with new investors. Despite a tough market for equities over the last 12 months, the stock is up more than 50% across that timeframe. 

Shares in certain battery metals stocks rallied this week, with the likes of Ioneer (ASX: INR), Novonix (ASX: NVX), and Liontown Resources (ASX: LTR) all gaining traction. After a shaky period for lithium stocks towards the end of last year, some names in the segment have opened the new year on a positive note. This may be a byproduct of improving market sentiment both home and abroad, with growth assets building some momentum.Uranium stocks are bouncing back following a slow start in the first week of 2023. Paladin Energy (ASX: PDN) and Boss Energy (ASX: BOE) are just two of the better-known winners, although gains have spread right across the uranium sector down to small-cap players as well. That followed a sharp jump in the share price of the US-listed Global X Uranium ETF, which crossed its 200-day moving average.Fund managers have extended last week strong gains and backed that up with another impressive performance. Platinum Asset Management (ASX: PTM) and Pinnacle Investment Management (ASX: PNI) are two of the high-profile winners this week, with trading updates received positively from shareholders.

Interestingly, neither firm had much positive to say in the way of performance fees. Platinum disclosed net outflows of approximately $166 million from its managed funds in December, and insignificant performance fees for the second-half of 2022. Pinnacle performance fees finished the half 85% lower to $950,000, with the majority of its affiliate network failing to attract performance fees. Nonetheless, it looks as though investors are eyeing improving sentiment across the market as an indicator for a potentially better year for the industry.

Elsewhere, higher copper prices have provided a tailwind for South32 (ASX: S32), 29Metals (ASX: 29M), and Sandfire Resources (ASX: SFR). For the first time in six months, the metal jumped above US$9,000 per tonne, indicating a dramatic change in fortunes for the sector. One of the biggest catalysts for the copper sector has been growing confidence that China pivot away from its COVID-zero policy will pave the way for a flood of demand for copper as economic activity picks up.

Which shares dragged on the market?

Volatility seems to be the pressing theme for Telix Pharmaceuticals (ASX: TLX), with the theranostic radiopharmaceuticals firm headlining the biggest laggards. Shares in the company were rocked after it published its latest trading update. 

Management reported unaudited revenue of $76.8 million for the final quarter of the year. These sales were derived from sales of its Illucix kit, which is intended for prostate cancer imaging. While that result represented growth of nearly 40% compared with the preceding quarter, the result fell flat with shareholders, with selling activity picking up right after the news broke.

Meanwhile, popular semiconductor stock Brainchip (ASX: BRN) has failed to keep up with the rest of the growth cohort this week. The company announced that it will raise money by issuing 30 million shares to US-based alternative investment group LDA Capital. It is also seeking to gain approval to potentially sell an additional 10 million shares. 

The discounted price at which these shares will be sold is yet to be determined, however, LDA Capital is not obliged to hold these shares, and may sell them, just as they have done before. Funds will be used to help support the company growth initiatives, but for the time being, it seems as though some investors appear concerned about potential selling pressure.

Rounding things out, Terracom (ASX: TER) and Whitehaven Coal (ASX: WHC) have both taken a backwards step this week. Coal prices have drifted lower over recent days, and after remarkable share price gains in 2022, investors may be reassessing whether coal is likely to continue trading at elevated prices.

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