A late-week rally inspired by a strong earnings report from Apple helped restore some confidence across global equities, however, it was a week of more pain for investors. Markets were sold off sharply due to concerns about rising interest rates and the prospect of Russia invading Ukraine. The ASX 200 closed on 6,988.10 points, down 2.6% for the week.

Which shares excelled?

One of the few winners this week, communications and mining technology business Codan (ASX: CDA) led the list of top-performing stocks. On Tuesday the company released a trading update for the first-half of FY22, pointing to 32% sales growth versus a year ago. Two of the company recently-acquired communications businesses came in ahead of management expectations, setting the scene for an expected net profit after tax of $50 million, which is 21% higher than the pcp.The week started on a positive note for communications infrastructure and wireless internet provider Uniti (ASX: UWL), which informed the market it has received a number of approaches from multiple parties with respect to a potential takeover. Although no formal proposal has been put forward as yet, investors returned to the stock on Friday, helping it gain around 8% for the week.Iron ore players Champion Iron (ASX: CIA) and Rio Tinto (ASX: RIO) also had a positive week, with the segment holding up better than other sub-industries from the materials sector. Iron ore prices have remained robust in the face of pressure engulfing a number of other commodities, and both companies were beneficiaries this week as investors sought exposure to the key steel-making ingredient.Premier Investments (ASX: PMV) was one of the only names from the consumer discretionary sector to defy this week sell-off, even posting a gain on Thursday when the market tanked. The catalyst was a record half-year result for the retailer, with sales edging higher by 0.5% to $769 million, and expected EBIT up around 4-5% to a mid-point result of $210.5 million. With many of its stores hit by COVID-related closures, it was left to online sales to drive growth.

Which shares dragged on the market?

Few sectors were spared the carnage of this week sell-off, with broad-based selling prompting investors to indiscriminately sell a long list of companies from a variety of industries. That has also pushed numerous mid-to-large-cap stocks to 52-week lows.

Tech stocks were the weakest sector this week, with the dramatic drop in the Nasdaq rattling investors across Australia as well. Tech stocks tend to be susceptible to rising interest rates given the uncertainty of the value of their future cash flows. Some of the names feeling the pinch included WiseTech Global (ASX: WTC), Appen (ASX: APX), Block (ASX: SQ2), Xero (ASX: XRO), Brainchip (ASX: BRN) and Megaport (ASX: MP1). In the case of Megaport, the stock is still reeling from a recent trading update that did little to shore up investors' views on its valuations heading into a global rate hike cycle.Battery metals stocks, which were one of last year hottest themes owing to its growth thematic, have come crashing back down to earth. This week saw almost every high-profile name from this industry plummet, including Novnoix (ASX: NVX), Core Lithium (ASX: CXO), Mineral Resources (ASX: MIN), Liontown Resources (ASX: LTR), Allkem (ASX: AKE), Lynas Rare Earths (ASX: LYC), PIlbara Minerals (ASX: PLS), Vulcan Energy (ASX: VUL) and Piedmont Lithium (ASX: PLL). Also weighing on the segment was a media report suggesting analysts are starting to question the valuations of these companies, notwithstanding the favourable industry outlook.It is often thought of as a safe haven during turbulent times, however, gold failed to ignite this week despite rate concerns and the looming threat of conflict in Europe. The precious metal ended the week about 2% lower, and the uncertain environment also took its toll on a host of gold stocks, including those whose quarterly updates disappointed like Silver Lake Resources (ASX: SLR), Regis Resources (ASX: RRL) and Evolution Mining (ASX: EVN). Meanwhile, a military coup in Burkina Faso weighed on West African Resources (ASX: WAF), with investors fleeing a perceived risk to the miner operations.At one stage there were also large declines for healthcare giants CSL (ASX: CSL), Cochlear (ASX: COH) and Ramsay Health Care (ASX: RHC), with investors recalibrating their valuations. Although health stocks are often viewed as a slightly more defensive segment compared with the likes of tech, these names have been trading on lofty premiums and historically viewed as growth stocks, leaving them exposed to the downturn. Each stock sagged towards yearly lows, and given their weight as a portion of the ASX, weighed heavily on the broader market, but they were also at the heart of Friday rally.Consumer discretionary stocks also came under fire, with the sector ranking as the second-worst performing sector across the ASX heading into Friday trading session. Kogan (ASX: KGN) led the losses, while JB Hi-Fi (ASX: JBH), Harvey Norman (ASX: HVN), Temple & Webster (ASX: TPW) and Nick Scali (ASX: NCK) followed suit. Kogan half-year update pointed to declining earnings on the back of supply chain issues and higher marketing expenses, with adjusted EBITDA of just $21.7 million versus $51.7 million a year ago. Another proxy of the negative sentiment towards retail stocks is the share price of BNPL player Zip (ASX: Z1P), which hit its lowest level since May, 2020.

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