Despite a dour performance from iron ore miners this week, the ASX still managed to record another weekly gain, climbing 2% to reach a closing record of 7,538.40 points. Gains were strongest out of the BNPL and lithium segments, with key names soaring.

Which shares excelled?

Undoubtedly the highest-profile stock on the move this week was buy-now pay-later juggernaut Afterpay (ASX: APT), which attracted a takeover bid from Jack Dorsey led payments disruptor Square (NYSE: SQ). The two have entered into a Scheme Implementation Deed under which Square will acquire all issued shares in Afterpay. 

At the time of the announcement, the transaction carried an implied value of approximately US$29 billion, with Square also set to run a dual-listing on the ASX in due course. Shares in APT surged more than one-third on news of the deal, which has received the backing of Afterpay management team.

Elsewhere, Vulcan Energy Resources (ASX: VUL) had an enormous week, up almost 40% at one stage. The company delivered upbeat news to shareholders this week in the form of its life cycle assessment when it announced its zero-carbon lithium project will produce negative carbon emissions. 

Management announced that with every tonne of lithium hydroxide monohydrate produced, it expects to remove 2.9 tonnes of carbon dioxide from the atmosphere. On the back of the assessment, the company has pitched itself as featuring the lowest planned carbon footprint in the global lithium industry. Adding to the momentum was news out of the US, where President Biden has signed an executive order pushing for 50% of new vehicles sold by 2030 to be zero-emission.

Two other stocks following in the footsteps of the above names were industry peers in Zip Co (ASX: Z1P) and Pilbara Minerals (ASX: PLS). The former was lifted by positive sector sentiment and hopes that it might catch the interest of a takeover suitor of its own. Meanwhile, Pilbara conference presentation was well-received by shareholders, as were recent results published while the company entered a temporary suspension.Shares in Dicker Data (ASX: DDR) touched an all-time high as the IT distributor announced the acquisition of Exceed Group. The transaction, worth $68 million, sees Dicker NZ division become the second-largest IT distributor in New Zealand, benefitting from $228 million in offshore revenue from Exceed, in addition to a smaller amount sourced locally. By the end of the trading week, shares in Dicker Data had advanced about 20%.With an early take on earnings season, Pinnacle Investment Management (ASX: PNI) was another stock on the march higher this week. Across FY21 the company delivered $67 million in NPAT, which is 108% higher than a year ago. Furthermore, it recorded net inflows of $16.7 billion, including inflows from overseas investors, while shareholders have been rewarded with a dividend of $0.17 per share, double that of FY20.Not to be outdone, shares in Genworth Mortgage Insurance (ASX: GMA) responded positively to the company half-year earnings report. Rising interest from first-home buyers, as well as higher property prices both acted as tailwinds for the business. As a result, the mortgage insurer saw gross written premium revenue increase 21.1% to $289.7 million, net earned premiums rise 13.3% to $170.9 million, and a return to dividends on the back of statutory net profit of $59.4 million. The week other major movers included Betmakers Technology (ASX: BET), Novonix (ASX: NVX), Dubber (ASX: DUB), Appen (ASX: APX), Macquarie Telecom (ASX: MAQ), Adbri (ASX: ABC), Sezzle (ASX: SZL) and Kogan (ASX: KGN).

Which shares dragged on the market?

Having been one of the best-performing segments of the market this year, iron ore explorers were the clear weak chain this week as prices for the commodity came tumbling down. Iron ore prices have fallen from around US$200 per tonne - and some weeks ago US$230 per tonne - to approximately US$170 per tonne. Leading the losses this week were Grange Resources (ASX: GRR), Champion Iron (ASX: CIA), Mount Gibson Iron (ASX: MGX), Fortescue Metals Group (ASX: FMG) and Mineral Resources (ASX: MIN).Weighing on the share price of Pointsbet Holdings (ASX: PBH) this week was the completion of the company institutional entitlement offer. The sports betting company secured $81 million in fresh funds via its fully-underwritten pro-rata accelerated renounceable entitlement offer, and it appears the overhang of the discount, and the discount for the shortfall bookbuild, led to a sell-off.There were also pull-backs for Copper Mountain Mining (ASX: C6C) and Australian Strategic Materials (ASX: ASM), with the duo both retreating from recent highs. The move was likely triggered by profit taking, with no price-sensitive news emerging throughout the week.Finally, Paladin Energy (ASX: PDN), Ooh!Media (ASX: OML) and Coronado Global Resources (ASX: CRN) stumbled.

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