Key takeaways:

• Growth stocks bore the brunt of this week’s market reduction as the Federal Reserve reaffirmed its commitment to do whatever it takes to tame inflation

Which shares excelled?

These were the major winners over recent trading sessions:

• One of the few names to break through renewed angst over monetary policy, gold explorer Red 5 (ASX: RED) gained ground after a major block trade conducted at an 18.2% premium, with reports suggesting the buyer may have been ASX-listed Genesis Minerals

• Singapore telecommunications firm Tuas (ASX: TUA) reported a 50% increase in revenue and a doubling in EBITDA for FY23, as well as 40% growth in subscriber numbers, which pleased shareholders

• Notching up one all-time high after another, Aussie Broadband (ASX: ABB) is bucking the trend lately, with the rally kicking into gear ever since last month’s results pointed to strong growth in revenue and margins

• With fresh data showing China’s imports of Australian coal have soared to multi-year highs, investors scooped up shares in Stanmore Resources (ASX: SMR), which is also inching closer towards securing finance to buy one of BHP’s coal mines

• Before Friday’s sell-off rolled through, Emerald Resources (ASX: EMR), Ramelius Resources (ASX: RMS), NRW Holdings (ASX: NWH), and Cettire (ASX: CTT) were all major winners

Which shares dragged on the market?

These stocks weighed on the local market across the course of the week:

• Lithium stocks like Sayona Mining (ASX: SYA) and Pilbara Minerals (ASX: PLS) were slammed, with investors concerned about the Federal Reserve’s commentary that rates will need to be higher for longer

• The slump in Chalice Mining (ASX: CHN) continued to worsen, with CHN shares now down around 70% from their all-time high, and momentum firmly against the stock following the release of its scoping study several weeks ago

• Almost out of the blue, shares in Mader Group (ASX: MAD) tumbled sharply on Thursday, down 10.1% despite no price-sensitive news from the maintenance services company – profit taking may have played a role given the stock was trading near an all-time high

• Star Entertainment Group (ASX: SGR) recorded a new all-time low, with the casino operator’s fortunes showing no signs of turning around after a series of operational and regulatory setbacks earlier this year

• Alpha HPA (ASX: A4N), Silex Systems (ASX: SLX), Polynovo (ASX: PNV), and De Grey Mining (ASX: DEG) were just a few of the other stocks to suffer heavy losses over recent trading sessions

   

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