Market Close: ASX dips under with only Staples in the ascendancy

The ASX200 closed the day down nearly 0.3%.

Staples were the only sector to finish in the green, gaining 0.2%. All other sectors fell into the red with industrials dropping the most, down 1%. Utilities followed closely, down 0.9%.

In the green

Forrestania Resources (ASX:FRS) surged 142% upon entering into an option agreement with the shareholders of Netley Minerals Pty Ltd (Netley) to acquire 100% of the issued shares in Netley.

Netley holds one exploration licence and rights to explore for iron ore on two additional exploration licences, all located in the Yilgarn Region of Western Australia.

FRS closed the day at 4.6 cents.

Kincora Copper (ASX:KCC) gained almost 39%% after mining company AngloGold Ashanti showed interest in its Northern Junee-Narromine Belt Project in NSW.

Kincora is listed on both the ASX and the Toronto Stock Exchange.

KCC closed the day at 5 cents.

AusQuest (ASX:AQD) gained 23% upon commencing drilling to test new copper-gold targets at the Cerro de Fierro Project in southern Peru.

Historic drilling returned multiple copper-gold intersections at the prospect. The company expects assay results in four weeks.

AQD closed the day at 16 cents.

In the red

Everest Metals Corporation (ASX:EMC) fell nearly 11% upon completing resource drilling at its Mt Edon Critical Mineral Project in Western Australia.

The drilling included 14 holes; however, traders will have to wait until July to see what grades the company has hit.

EMC closed the day at 12.5 cents.

Peter Warren Automotive Holdings (ASX:PWR), the second-largest car dealership on the ASX, fell 12% after reporting that full-year profits could be 20% below expectations.

The company, which sells iconic cars such as Toyota and Mercedes, tumbled to $1.90, its lowest in three years.

PWR announced underlying pre-tax profits would be $52 million to $57 million, significantly below the anticipated $67 million.

PWR closed the day at $1.87.

Travel management provider Serko (ASX:SKO) dipped 5.5% after releasing its full-year financial results.

Despite the positive outcome, the market responded negatively to the report. Serko expects to have positive cash flow in the next fiscal year.

SKO closed the day at $2.87.