FTSE up 0.1 pct; BT results offset economy woes

* FTSE 100 up 0.1 pct

* BT results, Reed Elsevier update settle investor nerves

* Energy, mining stocks knocked by falling commodity prices

By Simon Falush

LONDON, Nov 13 (Reuters) - Britain's leading share index rose 0.1 percent in early trade Thursday as stronger-than-expected results from BT Group (BT.L: Quote, Profile, Research, Stock Buzz) helped calm investor worries about the state of the global economy.

By 0917 GMT, the FTSE 100 .FTSE had gained 3.44 points to 4,185.46 after falling 1.5 percent on Wednesday.

European shares were relatively resilient after U.S., Asian markets slid amid uncertainty about the U.S. Treasury's banking rescue plan and more signs of stress in the global economy.

BT Group was the blue chip index's biggest gainer, up 10.7 percent after it reported second-quarter earnings just ahead of revised forecasts and said it was in the process of cutting 10,000.

Reed Elsevier (REL.L: Quote, Profile, Research, Stock Buzz) gained 6.5 percent after the professional information provider said it was on track to meet its full-year sales and earnings growth goals.

"The results this morning were reasonable, BT was not as bad as feared... but I think the rally (in these stocks) is untrustworthy and overall it still feels pretty murky," said Paul Kavanagh, director at Stockbroker Killik & Co.

This offset falls in energy stocks as pessimism on the global economy sent oil CLc1 to a 22-month low of $55 a barrel sending heavyweight energy stocks sharply lower.

BP (BP.L: Quote, Profile, Research, Stock Buzz) fell 2.2 percent, Royal Dutch Shell (RDSa.L: Quote, Profile, Research, Stock Buzz) slid 0.8 percent while Cairn Energy (CNE.L: Quote, Profile, Research, Stock Buzz) lost 3.3 percent.

Embattled miners were also on the back foot again as metals prices slid to multi-year lows on worries about the demand outlook.

Silver miner Fresnillo (FRES.L: Quote, Profile, Research, Stock Buzz) was the FTSE 100's top loser, down 9.9 percent, while Lonmin (LMI.L: Quote, Profile, Research, Stock Buzz) fell 0.7 percent and Xstrata (XTA.L: Quote, Profile, Research, Stock Buzz) lost 0.2 percent.

BHP Billiton fell 2.7 percent after it said it had scrapped a study into developing an integrated nickel project in eastern Indonesia. [ID:nSYU005525]

The UK mining index is down 12.9 percent this month and 56 percent this year.

Financial stocks were also among the heaviest losers as worries about the banking sector in the face of the credit crisis continued to weigh.

Japan's Mizuho Financial Group (8411.T: Quote, Profile, Research, Stock Buzz) said it plans to raise fresh capital while Commonwealth Bank of Australia (CBA.AX: Quote, Profile, Research, Stock Buzz) warned it expected a big jump in bad loans.

Barclays (BARC.L: Quote, Profile, Research, Stock Buzz) fell 3.6 percent, HBOS (HBOS.L: Quote, Profile, Research, Stock Buzz) slid 5.3 percent, while Royal Bank of Scotland (RBS.L: Quote, Profile, Research, Stock Buzz) lost 3.9 percent.

Other financial stocks also suffered with London Stock Exchange (LSE.L: Quote, Profile, Research, Stock Buzz) sinking 9.8 percent after it posted a 57 percent rise in operating profit but warned markets would remain difficult.

ICAP (IAP.L: Quote, Profile, Research, Stock Buzz) and Tullet Prebon (TLPR.L: Quote, Profile, Research, Stock Buzz) fell 9.7 and 1.9 percent respectively after Morgan Stanley cut the ratings on both interdealer brokers. (Reporting by Simon Falush; Editing by Hans Peters)