Key takeaways:

• Commodity stocks help the ASX reach levels last seen back in early May

The Federal Reserve has gone some way towards restoring investor confidence this week, and it resulted in a seven-month high for the ASX on Thursday.

Which shares excelled?

With gold prices back above US$1,800 per ounce, a number of precious metals explorers are firing on all cylinders. The price of gold has been supported by what appears to be a pivot' from the Federal Reserve, and a weaker greenback. Gold is now trading at its highest level since mid-August, helping the likes of Bellevue Gold (ASX: BGL) and Evolution Mining (ASX: EVN).Meanwhile, coal stocks have continued their remarkable run. Already one of the standout sub-sectors of 2022, coal exporters ended November on a high with the federal government facing resistance out of Queensland regarding mooted wholesale price caps for coal. Some of this week best performers include Stanmore Resources (ASX: SMR), Yancoal (ASX: YAL), New Hope Corporation (ASX: NHC), and Whitehaven Coal (ASX: WHC).The battery metals segment has also had a positive run over recent trading sessions. That largely follows improved sentiment for growth stocks, with the ASX 200 at a multi-month high. A host of winners from this corner of the market suggests the turnaround is broad-based, but leading the charge were Argosy Minerals (ASX: AGY), Ioneer (ASX: INR), Sayona Mining (ASX: SYA), Syrah Resources (ASX: SYR), and Pilbara Minerals (ASX: PLS).

In the case of Argosy, it provided further information on the progress at its Rincon Lithium project in Salta, Argentina. Plant commissioning works are currently 90% complete. That paves the way for continuous lithium carbonate production to begin during the next quarter. Upon completion, Argosy lithium carbonate production capacity will be 2,000 tonnes per annum.

Tyro Payments (ASX: TYR) is another stock making a splash this week. It has been given a boost thanks to a positive broker report out of Morgans. The broker slapped a new price target of $2.05 per share on the stock, citing an update from the company annual general meeting. Last week, Tyro management narrowed the company EBITDA forecast to the top end of its prior guidance.Iron ore stocks are also forging ahead despite the price of the key steel-making ingredient still sitting around US$100 per tonne. However, it is optimism regarding a potential shift from COVID-zero in China that is fuelling interest. Companies such as Champion Iron (ASX: CIA), Mineral Resources (ASX: MIN), Grange Resources (ASX: GRR), and Rio Tinto (ASX: RIO) have all benefitted.Mesoblast (ASX: MSB), Judo Capital (ASX: JDO), and Xero (ASX: XRO) round out the winners.

Which shares dragged on the market?

Fast-food operator Collins Foods (ASX: CKF) joins this week list of underperformers, weighing on the ASX. The company trading update sparked the sell-off, despite Group revenue increasing 15% for the half. Its local KFC operations even managed to deliver same store sales growth of 5.1%. 

However, the devil was in the details, as net profits fell 14.2% to $24.8 million. Unsurprisingly, inflation is wreaking havoc on the business, but Collins Foods also recorded nearly $12 million in non-cash impairments against its Australian-based Taco Bell restaurants. Same store sales for Taco Bell fell 7.8%, prompting management to hit the brakes on new restaurant builds.

Diagnostic and imaging healthcare business Healius (ASX: HLS) is coming off a COVID uplift, and its share price is now feeling the effects. The company revenue has dropped due to a decline in COVID PCR testing. Whereas back in July it was conducting upwards of 13,000 tests per day, that dropped to between 3,000-4,000 tests per day in October and November. Declining demand for PCR tests has also forced an internal rethink in terms of the company cost base.In news that shocked the market, Bank of Queensland (ASX: BOQ) announced the immediate departure of its CEO. George Frazis left without comment, although the Board cited the need for a leadership refresh. In thanking Mr Frazis for his contribution over the past three years, the company put forward the view that different leadership is required to develop a stronger and more resilient bank. A domestic and international search has begun for a new managing director and CEO. Among this week other laggards we have MAAS Group (ASX: MGH), Neuren Pharmaceuticals (ASX: NEU), Costa Group (ASX: CGC), Austal (ASX: ASB), and Woodside Energy (ASX: WDS).

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