Key takeaways:

• Updates from 29Metals, James Hardie, and Domain Holdings rattle investors, while proposed tax reform knocks the wind out of Star Entertainment

Amid a weak lead from US equities, the ASX is heading towards a weekly loss, with several end-of-year updates falling flat with shareholders.

Which shares excelled?

Mining services group Perenti (ASX: PRN) tops this week best performers after a guidance upgrade. Just over a month ago the business updated investors, expecting revenue of $2.6-2.7 billion in FY23, and earnings between $215-230 million. 

Following this week upgrade, the company now expects revenue between $2.7-2.9 billion, and EBIT between $230-250 million. The boost comes amid improving outcomes across a number of its projects in Australia and Africa. A key factor has been a retrospective rate adjustment, as well as new contracts in the gold mining sector.

Coal stocks are steaming ahead, finishing the year on a high. Stanmore Resources (ASX: SMR) and Terracom (ASX: TER) are among this week winners, and both have delivered bumper returns for shareholders in 2022. Share prices of the duo have increased by approximately 200% and 400% respectively this year, with soaring coal prices driven by record demand for the commodity amid disruptions to the global energy mix.The week started positively for gold miners, with the precious metal rallying to US$1,820 per ounce. De Grey Mining (ASX: DEG), Evolution Mining (ASX: EVN), Silver Lake Resources (ASX: SLR), and Regis Resources (ASX: RRL) all rallied. A sharp fall in the price of gold on Thursday night has put a dampener on some of the gains recorded.Elsewhere, Champion Iron (ASX: CIA) leads the iron ore segment. The company was buoyed by news that China will introduce policy measures to support the economy and boost growth in early 2023. However, the coming months may prove challenging, with the country decision to pivot away from COVID-zero expected to result in significant disruption and strain the nation healthcare system.Last week saw Origin Energy (ASX: ORG) under pressure amid concerns its takeover suitor could walk from the deal after the federal government gas price intervention. However, the consortium eyeing Origin has confirmed that it is on track to complete its due diligence in January, with a revised timeline for the middle of next month. Shares in NIB Holdings (ASX: NHF), G8 Education (ASX: GEM), and Bendigo and Adelaide Bank (ASX: BEN) round out this week standouts.

Which shares dragged on the market?

Copper and precious metals producer 29Metals (ASX: 29M) took a big hit on Thursday after the company trading update left shareholders with a sour taste in their mouths. The company preliminary guidance for next year suggests copper production will be flat compared with this year. However, the real kicker was news that gold and silver production is tipped to decrease between 10-15% year-over-year. Headwinds include regulatory approval hurdles and reduced milling rates.Casino operator Star Entertainment Group (ASX: SGR) was hit by a wave of selling pressure earlier this week following news of a shock plan to reform casino taxes in New South Wales. The state government is exploring the option to lift tax rates on poker machines and gaming tables from the middle of 2023, which would raise an estimated $364 million over the next three years. In light of the proposal, Star is seeking to urgently engage with the government to discuss the matter.The sell-off across the battery metals segment deepened this week, with major players like Liontown Resources (ASX: LTR), Ioneer (ASX: INR), Novonix (ASX: NVX), and Sayona Mining (ASX: SYA) all caught up amid a rethink among investors. Not even a binding power purchase agreement and $25 million guarantee facility for Liontown was enough to arrest its slide.Integrated building services group Johns Lyng (ASX: JLG) has tumbled this week, and the catalyst was a selldown by the company Global Chief Operating Officer. In a disclosure provided to the market, Lindsay Barber sold 4 million shares for a total of $25 million. Investors were rattled by the news, despite Barber retaining nearly 9 million shares.An uncertain outlook for building materials supplier James Hardie (ASX: JHX) has weighed on its share price this week. That follows reports the company is in the middle of cutting jobs across the world as it contends with inflation, as well as falling demand for its products due to the property downturn in Australia and the US.The housing downturn is also weighing fresh on the minds of investors in Domain Holdings Australia (ASX: DHG). The property portal provided a trading update earlier this week, and the news wasn't good for shareholders. New listings growth declined 16% in October, and 22% in November, highlighting caution as interest rates rise.

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