FTSE flat early as commodities offset weak pharmas

* FTSE 100 flat * Firmer crude oil price, strong results lift energy stocks

* Taylor Wimpey H1 profit slumps, stock falls

By Dominic Lau

LONDON, Aug 27 (Reuters) - Britain's top share index was flat early on Wednesday as firmer metal and crude oil prices boosted commodity stocks, offsetting weakness in drugmakers.

By 0753 GMT, the FTSE 100 .FTSE was up 0.2 points at 5,470.9, after losing 0.6 percent on Tuesday.

The UK benchmark is down 15 percent for the year on fears of a recession fears, concerns over rising commodity prices and the impact of a global credit crunch on financial firms.

Energy stocks were in demand as crude prices CLc1 traded above $116 a barrel and after oil explorer Tullow Oil (TLW.L: Quote, Profile, Research, Stock Buzz) said net profit from continued activities more than doubled in the first half of the year to 126 million pounds helped by higher oil prices. Tullow Oil added nearly 2 percent.

Oil and gas services firm Petrofac (PFC.L: Quote, Profile, Research, Stock Buzz) also reported better-than-expected first-half results as net profit jumped 57 percent from a year ago, helped by strong demand. Petrofac shares were 1.4 percent higher.

BP (BP.L: Quote, Profile, Research, Stock Buzz), Royal Dutch Shell (RDSa.L: Quote, Profile, Research, Stock Buzz), gas producer BG Group (BG.L: Quote, Profile, Research, Stock Buzz) and Cairn Energy (CNE.L: Quote, Profile, Research, Stock Buzz) put on 0.2 to 0.9 percent.

Firmer copper prices lifted miners, with Rio Tinto (RIO.L: Quote, Profile, Research, Stock Buzz), BHP Billiton (BLT.L: Quote, Profile, Research, Stock Buzz), Anglo American (AAL.L: Quote, Profile, Research, Stock Buzz), Vedanta Resources (VED.L: Quote, Profile, Research, Stock Buzz) and Ferrexpo (FXPO.L: Quote, Profile, Research, Stock Buzz) gaining 0.9 to 1.5 percent.

Antofagasta (ANTO.L: Quote, Profile, Research, Stock Buzz) posted an 8.8 percent rise in first-half earnings per share as higher copper output and prices outweighed rising costs. Its stock was up 0.9 percent.

"We have some reasonably big companies reporting today, the likes of Antofagasta and Tullow Oil, but in some way no great surprises. The stocks are reacting as you might expect," said Tim Hughes, head of sales trading.

Hughes said trading volume was light as many traders and fund managers were away on holiday, leaving the market with little direction.

Investors are likely to shift their focus to U.S. durable goods data for July, due at 1230 GMT, for a further gauge on the health of the world's largest economy.

The Federal Deposit Insurance Corp said 117 U.S. banks were on its troubled banks list at the end of the second quarter, up from 90 after the first three months of the year.

In the UK, banks were firmer with Barclays (BARC.L: Quote, Profile, Research, Stock Buzz), HSBC (HSBA.L: Quote, Profile, Research, Stock Buzz), HBOS (HBOS.L: Quote, Profile, Research, Stock Buzz) and Standard Chartered (STAN.L: Quote, Profile, Research, Stock Buzz) all higher.  Continued...