Local shares have shrugged off geopolitical tension and more signs of trouble for the global economy, with some old favourites gaining traction this week as growth stocks re-emerged on investors radars.

Which shares excelled?

For the second week in a row, buy-now pay-later stock Zip (ASX: ZIP) headed into Friday trading session as the top performer for the week, although as we saw in the session a week ago, sentiment can change very quickly when it comes to this name.

The stock is still rallying on the back of recent news regarding a restructure, with investors taking comfort in the company plan to focus on its core operations in an effort to reach profitability sooner than originally forecast. Nonetheless, the rallies of late will be small comfort to long-term shareholders who bought the stock when it was at one stage trading in double-digit territory above $10 per share.

Another growth stock looking to work its way back into favour is lithium play Lake Resources (ASX: LKE), which is recovering from a tumultuous period where its former CEO departed the company and sold shares, and fought off a short report from J Capital. There hasn't been any particular catalyst to reignite interest in the stock, rather there has been increasing appetite for growth stocks in the wake of improved sentiment across global equities.Making it three from three, Polynovo (ASX: PNV) has also been trending higher this week as confidence returns to the Australian-based dermal regeneration solutions company. Last week saw the business appoint a new CEO, and in recent days shareholders were afforded the opportunity to hear the leader and Chairman speak about the company prospects. Although no price-sensitive news was included in the Webcast, shareholders clearly responded favourably to the session.Emerging lithium producer Sayona Mining (ASX: SYA) put in a bumper trading session on Thursday after it announced the restart of first production at the North American Lithium Project is on track. Around 30% of the plant and equipment upgrade is complete, and with on-site workers expected to double by September, the Project is on track to deliver first spodumene concentrate production in 1Q 2023.Meanwhile, construction and mining contractor NRW Holdings (ASX: NWH) lifted its EBITDA guidance for FY22, and that saw it deliver above-forecast earnings and a record order book of $5.2 billion. Although the company has had to contend with labour shortages, adverse weather events, and inflationary pressure, it is benefitting from activity tied to elevated commodity prices. Rounding out some of this week best performers are Ioneer (ASX: INR), AMP (ASX: AMP), Bega Cheese (ASX: BGA), Boss Energy (ASX: BOE), Pro Medicus (ASX: PME), and St Barbara (ASX: SBM).

Which shares dragged on the market?

An earnings downgrade was enough to send shares in United Malt Group (ASX: UMG) into a tailspin, with the company lowering its EBITDA guidance for FY22. As part of the announcement, the company notes that it now expects underlying EBITDA of $100 million to $108 million, which is more than 20% below the top-end of the company prior forecast. 

Supply chain issues, rising energy costs, and poor barley crop conditions have impacted its processing division, albeit warehousing and distribution have held up well as craft brewery demand remains robust following the reopening of economies around the world.

Aussie Broadband (ASX: ABB) has had a rocky week as the broadband services provider quarterly result landed like a thud with shareholders. In the fourth quarter of FY22 the business saw its total broadband services rise just 7%, markedly slower growth than the full-year result of 46%. 

While growth across residential and business segments remains strong, and its share of NBN services is growing, the company Aussie Fibre Project has faced delays that mean it will not be completed until this quarter.

Commercial explosives and blasting systems provider Orica (ASX: ORI) has had a tough time this week, with Thursday blow-up sparked by a capital raise. The company announced the completion of a $650 million placement, with the funds from the raise set to be used to acquire geospatial tools manufacturer Axis Mining Technology. 

The value of the deal could be worth up to $350 million following earn-out payments, with the rest of the proceeds for working capital. Management will look to raise a further $75 million via a Share Purchase Plan, but in the meantime, the stock immediately dipped below the capital raise price.

Coal miner Stanmore Resources (ASX: SMR) has faced selling pressure in response to a concerted push around climate change. This week saw the government 43 per cent emissions target pass through the lower house, while Environment Minister Tanya Plibersek made it clear she intends to block approval for the third-party Central Queensland Coal Project northwest of Rockhampton, indicating some pushback towards development in the industry.A number of other stocks have been struggling to gain ground this week, including but not limited to Graincorp (ASX: GNC), Centuria Capital (ASX: CNI), and Latitude Group Holdings (ASX: LFS).

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