April 30, 2009 / 8:53 PM / in 9 years

CANADA STOCKS-TSX falls, but gains 7 pct in April

* TSX falls but records 6.9 percent gain for April

* Commodity stocks drop, gold miners main drag

* Chrysler bankruptcy filing weighs on sentiment (Adds details)

By Ka Yan Ng

TORONTO, April 30 (Reuters) - Toronto’s main stock index fell nearly 1 percent on Thursday, tumbling from its highest level in more than five months as commodity shares turned lower and Chrysler’s bankruptcy filing weighed on the market’s mood.

The mining-heavy materials group was a key drag, down 2.13 percent, with gold miners leading the way lower after gold prices failed to hold above $900 an ounce, tempting investors to take profits. [ID:nLU31497]

Four gold companies were among the top 10 declining issues, led by Goldcorp G.TO, which fell 4.1 percent to C$32.62. Barrick Gold ABX.TO shed 3.1 percent to C$34.55, while Kinross Gold K.TO and Agnico-Eagle AEM.TO were also lower.

The price of oil, a key Canadian export, see-sawed through the day. It edged higher late in the session but this failed to carry over to the index’s oil and gas sector, which fell 1.6 percent. Oil company EnCana ECA.TO fell 1.44 percent to C$54.69.

Sentiment was damaged by the bankruptcy filing of automaker Chrysler, which rattled U.S. equities and influenced direction in Canada as well. [ID:nLU940906]

The S&P/TSX composite index .GSPTSE fell 91.48 points, or 0.97 percent, to 9,324.83. Seven of 10 sectors were down.

Month-end rebalancing also contributed to the decline. The index rose 6.9 percent this month, adding to its 7.4 percent rise in March.

“April’s been a very strong month in all equity markets, whether in Canada or anywhere else in the world,” said Francis Campeau, broker at MF Global Canada, in Montreal.

Earlier in the day the index rallied as high as 152.01 points, or 1.6 percent, to 9,568.32, which was its highest level since Nov. 1.

$1=$1.19 Canadian Reporting by Ka Yan Ng; editing by Peter Galloway

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