In a week full of major swings, the local share market tumbled 2.1% to hit its lowest level since the start of June. While concerns remain around financial contagion tied to China Evergrande, rising bond yields in the US triggered a sell-off in growth names, and inflation and supply chain issues also hit a number of bellwether stocks. 

Which shares excelled?

Despite being hit with a sharp sell-off on Friday, Beach Energy (ASX: BPT) stood out this week on the back of a major deal for the energy producer. The company announced a Heads of Agreement with oil major BP for the supply of LNG from its Waitsia Gas Project Stage 2. 

Under the agreement, BP will acquire all 3.75 million tonnes of LNG output from Beach, with pricing in part linked to the Brent crude oil price. It comes at a booming time for energy players, with oil and LNG prices flying. Sentiment across the sector has been swelling in the last fortnight, and that meant Woodside Petroleum (ASX: WPL) also joined the fold as another winner this week.Smartgroup (ASX: SIQ) was up nearly 20% this week, as the salary packaging and fleet management business was on the receiving end of an indicative non-binding and conditional proposal to acquire its shares. US investment giant TPG is leading a consortium of investors in bidding for the company, with the all-cash bid set at $10.35 per share. The consortium will now have four weeks to conduct due diligence before the prospect of an official offer, with Smartgroup management already recommending the deal. The takeover bid for Smartgroup also had a positive effect on its listed-peer in McMillan Shakespeare (ASX: MMS), which posted a strong week as it hit a 52-week high.

Buoyant prices have continued to support the rallies of shares in the coal sector, with Yancoal (ASX: YAL) and Whitehaven Coal (ASX: WHC) even going so far as to defy today major slump and chalk up positive ground. With coal prices at record levels on the back of surging demand in China, and local supply issues in the region, the sector has been trending higher given China dependence on the commodity to power its industries and some provinces already rationing electricity before winter.

The prospect of international travel reopening in the coming months has given a leg up to travel stocks this week, with Flight Centre (ASX: FLT) and Webjet (ASX: WEB) among the beneficiaries. On the back of speculation earlier in the week, news filtered through today that international travel could be accessible to fully-vaccinated individuals in states like New South Wales and Victoria as soon as November, in line with the vaccine benchmarks nominated in the national reopening plan.Rounding things out, AVZ Minerals (ASX: AVZ) was given a boost this week on the back of upbeat news at the start of the week. The company entered a transaction implementation agreement with Suzhou CATH Energy Technologies, which will see the investment entity tip in US$240 million in cash plus development funding to become a cornerstone investor (24%) in a joint venture at the lithium explorer Manono Project.

Which shares dragged on the market?

Tech shares were one of the biggest drags on the market this week as investors shifted out of riskier' high-growth names on the back of weakness in offshore markets, headlined by the Nasdaq. This meant buy-now pay-later stalwarts like Sezzle (ASX: SZL) and Afterpay (ASX: APT) were smashed, but it also hit a wave of popular tech stocks including NextDC (ASX: NXT), Appen (ASX: APX), Nearmap (ASX: NEA), Xero (ASX: XRO) and Megaport (ASX: MP1).Despite its offshoot in Li-S Energy (ASX: LIS) debuting on the ASX with much fanfare, PPK Group (ASX: PPK) was one of the worst-performing stocks this week, down nearly 20%. It means PPK has seen a sharp pullback in its share price over the last fortnight, which comes shortly after the stock had soared to an all-time high of nearly $22 per share. Fortunes also turned for a number of other names that have been on a tear in recent weeks, including luxury fashion retailer Cettire (ASX: CTT), uranium duo Paladin Energy (ASX: PDN) and Energy Resources of Australia (ASX: ERA), lithium explorer Liontown Resources (ASX: LTR) and diversified telecommunications services operator Uniti Group (ASX: UWL).Meanwhile, fund managers were caught up in the sell-off, with a shift in market sentiment weighing on these companies given their income is largely tied to the performance of the broader stock market. Pinnacle Investment Management Group (ASX: PNI) had a week to forget, while Magellan Financial Group (ASX: MFG) hit its lowest level in more than a year as it briefly tumbled below $34 per share.The sell-off also hit other large-cap stocks that represent a sizeable chunk of the ASX, including heavyweights such as CSL (ASX: CSL), Mineral Resources (ASX: MIN) and REA Group (ASX: REA), even though none of the trio released price-sensitive news throughout the week, while favourites such as Pilbara Minerals (ASX: PLS), Tyro Payments (ASX: TYR) and Chalice Mining (ASX: CHN) also felt the wrath of the market.

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