CANADA STOCKS-TSX posts biggest decline in two months as investors turn defensive

Updates at market close

By Fergal Smith

Feb 21 (Reuters) - Canada's main stock index fell to a five-week low on Friday, weighed by declines for energy, metal mining and high-flying technology shares, as commodity prices declined and investors grew more risk averse.

The S&P/TSX composite index .GSPTSE ended down 367.05 points, or 1.4%, at 25,147.03, its lowest closing level since Jan. 17 and its biggest decline since Dec. 18.

For the week, the index was down 1.3%.

Wall Street's main indexes also tumbled, closing the door on a holiday-shortened week fraught with new tariff threats and worries of softening consumer demand.

"People have gone from looking for reasons to buy to looking for reasons to sell," said Colin Cieszynski, chief market strategist at SIA Wealth Management.

"All your cyclicals, all your high-momentum, high-beta, high-volatility stocks are getting hammered."

The Toronto market's technology sector fell 3.2%, with e-commerce company Shopify Inc SHOP.TO shares down nearly 6%.

The materials group, which includes fertilizer companies and metal mining shares, lost 3.1% as gold XAU= eased from a record high and copper HGc1 prices fell.

Shares of Ivanhoe Mines Ltd IVN.TO were down 11.3% after UBS cut its target price on the stock.

The price of oil settled 2.9% lower at $70.40 a barrel, which weighed on energy. The sector was down 2%.

Defensive stocks, such as utilities and telecommunications, benefited from lower bond yields. The communication services index was up 1.1%.

Another standout was Storagevault SVI.TO. Its shares climbed 7.2% after the storage company beat full-year revenue estimates.