It was an eventful week for markets, with offshore volatility hitting the local share market, energy prices hovering near highs from October 2018, and iron ore prices fluctuating wildly at times. Led by weakness in the financials and materials sectors, the ASX 200 ended 0.8% lower for the week on 7,342.60 points.

Which shares excelled?

AusNet Services (ASX: AST) was the week best-performing mid-to-large-cap stock, with the energy infrastructure business the subject of a takeover fight from competing parties. 

Whereas Canadian business Brookfield Asset Management originally looked to have AusNet in its sights with a bid of $2.50 per share, natural gas infrastructure player APA Group has now emerged with a $10 billion offer in the hopes of creating a $35 billion national energy infrastructure business. APA has taken its fight to the authorities, launching a bid at the Takeovers Panel to prevent its rival bidder gaining eight-week exclusive access to AusNet books. Shares in AST leapt 30% this week.

Elsewhere, AVZ Minerals (ASX: AVZ) and Novonix (ASX: NVX) both had a strong week, with the duo performance at odds with some of their peers. Interest in lithium remains a popular theme across the market, and while neither company announced price-sensitive news this week via the ASX, spot prices for lithium carbonate have been rising and momentum has been a crucial factor in both stocks as they each hit yearly highs.

Investors are growing optimistic about the prospect of international travel, with the government suggesting international borders may open no later than Christmas. With the vaccine roll-out now well and truly in full stride, travel stocks like Corporate Travel Management (ASX: CTD) and Flight Centre (ASX: FLT) were in demand this week.

Coal stocks have still managed to continue their ascent, with New Hope Corporation (ASX: NHC) and Whitehaven Coal (ASX: WHC) leading the charge this week. Movements in the commodity market continue to underpin the rally, with coking coal prices surging to record highs. At one stage this week, prices for coking coal hit US$410 per tonne, triple levels seen last year. The move comes as China addresses environmental controls in its local coal industry that have diminished the supply equation, and imports from Mongolia stifled by COVID border restrictions.

Stronger energy prices were also a catalyst for the winners this week, with Beach Energy (ASX: BPT) and Woodside Petroleum (ASX: WPL) just two of the names shining in recent trading sessions. Oil prices circled a near three-year high late in the week, with production out of the Gulf of Mexico still hamstrung after Hurricane Ida, and fuel demand rising across the population as the economy picks up pace.There were also strong performances from the likes of AGL Energy (ASX: AGL), Imugene (ASX: IMU), Redbubble (ASX: RBL), and REA Group (ASX: REA).

Which shares dragged on the market?

After a remarkable run in recent weeks, the uranium sector finally saw a pull-back, and that hit Paladin Energy (ASX: PDN) and Energy Resources of Australia (ASX: ERA) hardest. Alongside a shaky start to the week for equity markets, which prompted indiscriminate selling, the US-listed Global X Uranium ETF slumped from its recent high, indicating some profit taking as uranium prices stabilise.The risk-off attitude also extended to some of the battery metals and rare earths minerals names that have been on fire of late, including popular duo Vulcan Energy Resources (ASX: VUL) and Pilbara Minerals (ASX: PLS), as well as Australian Strategic Materials (ASX: ASM) and Lynas Rare Earths (ASX: LYC). Shares in VUL were also influenced by the release of placement shares, with the stock now trading slightly below its recent IPO price. In a not too dissimilar fashion, Nickel Mines (ASX: NIC) was also susceptible to the shift in sentiment, but tax rumours compounded its losses for the week. On Monday the company was forced to issue a statement acknowledging the uncertainty around comments made by Indonesia's Investment Minister, who suggested the country may be considering the possibility of levying an export tax on nickel products with less than 70% nickel content.Weaker gold prices also had their impact on some of the second-tier gold producers, with Gold Road Resources (ASX: GOR) and St Barbara (ASX: SBM) in the firing line. The precious metal ended trading today around the same price as last week close, however, it was the modest fall from the mid-week high that had an impact, combined with a stronger Aussie dollar.Rounding out this week struggling names were Telix Pharmaceuticals (ASX: TLX), NRW Holdings (ASX: NWH) and PPK Group (ASX: PPK).

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