Amid volatile trading, where the market at one stage dipped to a three month low, the ASX managed to bounce back and record a gain of 1.7% for the week. Sentiment largely swung in response to dovish commentary from the RBA, where the central bank hinted that it may still cut rates further, as well as the government proposed winding back of responsible lending laws, which lit a fuse under the price of bank stocks.

Which shares excelled?

One of the biggest movers this week was Washington H Soul Pattinson & Company (ASX: SOL), which reported its FY20 results to the market. Despite the difficulty FY20 brought with it, the investment house announced it would increase its annual dividend for the 20th consecutive year, the longest streak of any ASX-listed company. Group profit soared by 284% to $953 million, however, underlying profit came in at $169.8 million, down 45% from the prior year. Shares in SOL leapt 14.4% across the week.Two other shares that had a buoyant week, despite the absence of any price-sensitive news, were Abacus Property Group (ASX: ABP) and Pushpay Holdings (ASX: PPH). While the latter continues to trade somewhat in the vicinity of its prior highs, spurred on in recent days by a broker upgrade, the former is still trading well below its own pre-COVID price history.In one of the few instances since its merger with Vodafone Australia came into effect, shares in TPG Telecom (ASX: TPG) managed to find some steady footing, gaining 7.2%. TPG was among other peers in the communications services sector that fared well this week, suggesting that some funds might be watching over this segment amid market volatility.Another defensive name that rallied strongly this week was Transurban (ASX: TCL), with the road toll operator jumping 8.4%. Given the gradual easing of various lockdown restrictions in cities across Australia, including the prospect of earlier-than-forecast changes to certain rules in Melbourne, it possible that some investors may be betting on traffic numbers to accelerate from here on in, or otherwise seeking out a business that has largely shrug off its COVID-related share price weakness.Some of the other stocks that made a move this week included Healius (ASX: HLS), Xero (ASX: XRO), NextDC (ASX: NXT) and NAB (ASX: NAB), with the share price of the bank responding favourably to the government intention to open the flow of lending once again.

Which shares dragged on the market?

Mining stocks were left in the lurch this week, with investors appearing to shy away from the risk associated with the sector. In particular, gold shares were hit hardest, with the price of the precious metal sinking to the lowest level in three months. Some of the stocks most-affected included Ramelius Resources (ASX: RMS), OceanaGold Corporation (ASX: OGC), Gold Road Resources (ASX: GOR), St Barbara (ASX: SBM), De Grey Mining (ASX: DEG) and Perseus Mining (ASX: PRU).There was also some weakness among iron ore stocks, including the three majors, however, Champion Iron (ASX: CIA) led the decline amongst the sector, easing 13.1%.With the UK struggling to contain a second wave of COVID cases, and now moving to impose certain restrictions on the economy, Virgin Money UK (ASX: VUK) took a hit. Shares in the bank were sold down by 12.4%.It was a sour week for Pointsbet (ASX: PBH) shareholders, despite the company retail entitlement offer recording 92% participation rate. With allotment of new shares set to take place next week, it remains to be seen whether holders will capitalise on the premium between the share price and the raise price.Finally, Unibail-Rodamco-Westfield (ASX: URW) joined the list of the worst-performing stocks, not for the first time in recent months either. The stock continues to battle ongoing selling pressure stemming from reduced footfall at its malls around the world, the overhang of an upcoming capital raise and asset sale, as well as the second COVID wave in Europe.

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