Despite various economic headwinds, the local market managed to post a modest gain this week. The ASX 200 rose 1.3% to finish on 6,004.8 points, trailing the performances of offshore markets in Japan, Korea and the US. Resource stocks generally fared well, supported by higher commodity prices, and there was a late-week surge in the price of travel shares.

Which shares excelled?

Mesoblast (ASX: MSB) was one of the market best-performers this week, maintaining its positive momentum since it provided its fourth-quarter activity report. In that update the company flagged two imminent major milestones with regards to its key RYONCIL therapy treatment. One of these milestones may become clearer next week. The company is set to meet the US FDA for a review of data that supports use of RYONCIL in treating children with steroid-refractory acute graft versus host disease. Mesoblast shares gained 16.4% this week.There was a strong showing from Incitec Pivot (ASX: IPL), which surged 15.1%. The fertiliser and explosives chemicals manufacturer released an investor presentation that was well-received by the market. This was due to a new cost reduction plan outlined by the business, where it will target savings of $60 million incrementally between FY20 and FY22. The company has also outlined it will review its manufacturing performance, working capital arrangements and its investment in technology.Elsewhere, rising commodity prices for iron ore and gold were beneficial to a range of companies, albeit to varying degrees this week. Among the biggest beneficiaries were Champion Iron (ASX: CIA) and De Grey (ASX: DEG), with the latter announcing a series of new drilling results that shareholders responded positively towards.Also in the materials sector, rare-earths miner Lynas (ASX: LYC) had a stellar week. The company informed the market that it has inched closer to construction approval for a permanent waste treatment facility in Malaysia. Lynas plan to apply for final regulatory approval in the coming months before commencing construction work in early 2021.As Melbourne plunged into stage four lockdown, and brick-and-mortar retailers shut up shop, a flood of capital was diverted to Kogan (ASX: KGN), which leapt 12.9% this week. The online retailer has become a market darling in 2020, up almost 150% year-to-date and over 400% from its low in March.Some of the other high-profile stocks that enjoyed a solid run this week were Santos (ASX: STO), BHP (ASX: BHP), S32 (ASX: S32) and Domain Holdings Australia (ASX: DHG).

Which shares dragged on the market?

Despite posting a 40% jump in profit, ResMed (ASX: RMD) shares slumped through the week and were even hit with a downgrade from Morgan Stanley. Although the headline result may have left shareholders wondering why the stock was subject to a sharp sell-down, the company outlook was subdued. Management made note that they anticipate a significantly lower level of demand for ventilators in 1Q21 compared to the fourth-quarter, as well as a continued headwind for sleep device sales in Q1. ResMed shares sunk 11.4% across the course of the trading week.Shares in AngloGold Ashanti (ASX: AGG) were under heavy selling pressure this week as the gold miner shed 8.8%. Last week news surrounding the departure of the company CEO may have hampered confidence in the stock, as there were other gold miners that rose more closely in line with the gold price this week. The stock pared some of its losses in the final minutes of the trading week as it reported its profits from continuing operations almost tripled in the June half.Scentre Group (ASX: SCG) provided an update on its half-year results for the period ending June, 2020. While reporting an estimated operating cashflow of $250 million for the half, the company detailed a 10% reduction in the carrying value of its property portfolio due to COVID-19. The news was enough to spook investors, sending the stock down 5.9%.Two stocks exposed to consumer credit and buying activity that fared poorly this week were Credit Corp (ASX: CCP) and Tyro Payments (ASX: TYR). With Melbourne lockdown taking effect and hitting both consumers and businesses across the city, investors may have identified these stocks as two of those potentially vulnerable to an impact from defaults and reduced business activity.Finally, there was also a modest drop in bank shares such as National Australia Bank (ASX: NAB) and Bendigo and Adelaide Bank (ASX: BEN). In their last round of reports the banks made COVID-related provisions, however, the amount set aside by NAB was lower than its Big Four' peers. Bendigo Bank provision was also significantly lower, albeit due to its scale. Nonetheless, with the economic impact that Melbourne lockdown is likely to have, some investors may be speculating a higher round of provisions in the next set of reports for these banks. With that said, other banks were also on the back foot as the sector faces headwinds that will become clearer in next week reports.

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