With the Reserve Bank of Australia hiking interest rates 50 basis points in a widely expected move, there was no shock' for investors this week. But improving sentiment from abroad played a vital role in helping local shares advance, particularly tech stocks, which took the focus away from a string of poor trading sessions for commodity players.

Which shares excelled?

A week after it reported a positive and favourable survival outcome from the phase two study of its HER-Vaxx targeting advanced gastric cancer, Imugene (ASX: IMU) is again one of this week best performing stocks. Investors will be pleased with the fact that the company passed the key milestone without any setbacks, setting the company up for the next step in its journey to commercialise its treatment as a supplement alongside chemotherapy. With the Nasdaq finding some confidence throughout the week, ASX tech stocks have put in a stellar showing over recent trading sessions. The Nasdaq has now gained more than 5% after four consecutive trading sessions ending in the green. While the list is long, some of the most high profile ASX winners include Megaport (ASX: MP1), Brainchip (ASX: BRN), Xero (ASX: XRO), WiseTech Global (ASX: WTC), and Appen (ASX: APX).After a long stretch of time where negative sentiment has hurt growth names, biotech stocks have just started to drift back into favour of late. That has translated into strong gains for the likes of Polynovo (ASX: PNV), Telix Pharmaceuticals (ASX: TLX), and Nanosonics (ASX: NAN), among others, despite no price-sensitive news out of the companies. Real estate names have continued plotting their comeback, with property portal and listing operators Domain Holdings Australia (ASX: DHG) and REA Group (ASX: REA) recording their second week of strong gains since mid-June. As has been the case for many of the abovementioned stocks, there wasn't a specific catalyst behind the rally in these companies this week, but investors may be of the belief that the stocks were in oversold' territory and the doom and gloom surrounding the property market might be unwarranted.Elsewhere, social services firm APM Human Services (ASX: APM) bounced strongly at the start of the trading week as the company successfully completed debt refinancing. The deal provides APM with an $810 million syndicated multi-currency revolving corporate facility, the majority of which will be used to extinguish its existing Term facility and provide an estimated $15 million in pre-tax interest savings per annum.A couple other names enjoying this week rally include Domino Pizza (ASX: DMP), Austal (ASX: ASB), Blackmores (ASX: BKL), and Reliance Worldwide (ASX: RWC).

Which shares dragged on the market?

Shares in Graincorp (ASX: GNC) have led the underperformers this week, albeit it is largely a result of the stock trading ex-dividend. The company recently declared a dividend of 24 cents per share, including a 12 cent interim dividend, and a special dividend to the tune of the same amount. With the payout representing the largest dividend paid by Graincorp in nine years, the shares traded lower this week. Well-known fund manager Magellan Financial (ASX: MFG) has had another week to forget. It started with news earlier in the week that the firm sales and distributions manager will resign from the company in 2023 after a 16-year tenure. In addition, the company co-founder and former chief investment officer Hamish Douglass has been selling shares. And rounding things out, the company this morning reported net outflows of $5.2 billion last month, with its funds under management (FUM) falling from $65 billion to $61.3 billion.Plunging oil prices earlier in the week weighed on a number of stocks from the energy sector. WTI crude oil futures at one stage dipped below US$100 per barrel, although the commodity has pared some of its losses heading into the back end of the week. Karoon Energy (ASX: KAR) is one of the names feeling the effects of the pull-back, even if it has trimmed its weekly losses today.In another corner of the market, shares in Lynas Rare Earths (ASX: LYC) have come unstuck this week, struggling especially during Thursday trading session. While the stock has been caught up amid the recent sell-off in critical minerals stocks, it has also been weighed down by a social media campaign out of China calling for protests at the company rare earth separation facility in the US.Notwithstanding a bounce today, coal stocks have continued to struggle this week, with Coronado Global Resources (ASX: CRN) and Stanmore Resources (ASX: SMR) lagging the broader market. The recent decision by the Queensland state government to increase royalties amid elevated coal prices has impacted sentiment. It has also drawn the ire of Japan, with the country slamming the move, and also raising the notion of avoiding new investments in Australian minerals, hydrogen, and renewables. Highlighting a change in fortune for the commodities market, some of this week other underperformers include iron ore duo Champion Iron (ASX: CIA) and Grange Resources (ASX: GRR). At one stage they were joined by BHP (ASX: BHP) and Rio Tinto (ASX: RIO), as well as copper pair Sandfire Resources (ASX: SFR) and South32 (ASX: S32), which were temporarily floundering on the back of lower copper prices, renewed lockdown concerns in China, and angst about a global recession.

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