Energy stocks drag FTSE lower as growth woes bite

* FTSE down 0.9 percent

* Oil drops two percent on future consumption worries

* Banks slide ahead of euro zone debt meeting

By David Brett

LONDON, May 16 (Reuters) - Energy stocks pulled down Britain's top share index by midday on Monday on continuing concerns about global growth and banks fell as euro zone ministers met to discuss the region's debt problems.

The FTSE 100 <.FTSE> was down 50.23 points or 0.9 percent at 5,875.64 by 1115 GMT, heading for April's low of 5,858.32.

"The market's not really sure that economic growth is going to be as resilient as they might wish ... a lot of that negativity is being factored into the share prices," said Tim Rees, fund manager at Insight Investment, which has around 115 billion pounds of funds under management.

Energy <.FTNMX0530> firms fell as crude retreated by around 2 percent, hurt by global growth concerns and a strong dollar <.DXY> extending its winning streak to its highest level in a month.

Oil services provider John Wood Group fell 1.9 perent despite announcing plans of a share buyback. [ID:nLDE74F08K]

Banks <.FTNMX8350> waned as euro zone ministers met to discuss a bailout package for Portugal and likely pressure on Greece to announce more austerity steps to secure further emergency funding. [ID:nLDE74E0N7]

The talks, however, were overshadowed by charges against IMF chief Dominique Strauss-Kahn for attempted rape. [ID:nN15215355]

"The Strauss-Khan development shouldn't fundamentally effect the outcome of the meeting but it does cast a shadow over the proceedings," Richard Hunter, head of UK equities at Hargreaves Lansdown Stockbrokers, said.

GROWTH HOPES

Miners <.FTNMX1770> found some support as observers talked up buying opportunities following recent weakness in the sector.

Heath Jansen, analyst at Citigroup, said while he anticipated a broad slowdown in commodity consumption he did not expect a crash and urged investors to purchase high-quality names in the mining sector.

Citigroup's preferences were Xstrata , Rio Tinto and First Quantum , up between 0.2 and 2.1 percent.

Antofagasta gained 0.6 percent as Citigroup upgraded the stock to "hold" from "sell".

Kazakhmys , the world's 10th largest copper miner, outperformed the FTSE 100 after announcing plans to complete a secondary listing in Hong Kong by the end of June, a move that will boost its presence in China -- the world's biggest copper importer. [ID:nLDE74F08I]

Insight's Rees said investors should note recent updates from Kesa and Dixon's , each up more than 7 percent, for a more positive view on how challenged companies and sectors can see their way through the economic maelstrom.

"One remains positive but wary. You can have short term bouts of uncertainty but I don't think it challenges the view that growth is going to be broadly acceptable going forward."

Elsewhere, Centrica , down 2 percent, was among a number of defensive stocks heading south as JPMorgan counselled against tucking into perceived cautious defensive sectors.

"We advise against chasing defensives and would remain underweight Telecoms, Utilities and Pharmaceuticals on a 6-12 month horizon," JPMorgan advised investors in an equity strategy note.

The broker said it remained "overweight" in technology, chemicals, autos, capital goods and financial sectors.

Autonomy rose 4.6 percent after the enterprise search software maker announced a further move into fast-growing cloud computing with a deal to buy assets from Iron Mountain's digital division. [ID:nLDE74F0OA]

U.S. stock index futures pointed to a lower open on Wall Street ahead of the Empire State Manufacturing Survey for May due at 1230 GMT and housing data at 1400 GMT.

(Editing by David Cowell)