* FTSEurofirst 300 up 0.1 pct; up for 5th session in a row
* Index up 15 pct since March 9 floor; down 11 pct this year
* Energy shares climb as oil remains above $53 a barrel
* For latest market news, click on []
By Blaise Robinson
PARIS, March 25 (Reuters) - European share prices edged
higher in morning trade on Wednesday as buoyant energy shares
eclipsed a weaker mining sector, while Siemens <SIEGn.DE>
dropped on downbeat comments made by its chief executive.
Shares in the German engineering group shed 5 percent after
Peter Loescher was quoted as telling German business daily
Handelsblatt the company is feeling the pinch from the global
economic slump and will review its profit forecast by the time
it reports quarterly results next month.
At 0955 GMT the FTSEurofirst 300 <> index of top
European shares was up 0.1 percent at 741.37 points, gaining
ground for a fifth session in a row. The index is down 11
percent in 2009 but has risen 15 percent since reaching a record
low on March 9.
But a number of analysts remain cautious on the market's
recent sharp rally.
"Stocks had been rising a lot over the past few sessions so
the market has to digest the hefty gains. We could see some
consolidation over the next little while," said Alexandre Le
Drogoff, analyst at Aurel BGC.
Energy shares were on the rise, as U.S. crude oil prices
retreated after recent strong gains but managed to stay above
$53 a barrel, supported by comments made by a Chinese central
bank adviser who said the world's number three economy has
touched a bottom, citing a 25-percent rise in car sales and
accelerating investment in the country as signs of economic
recovery.
Italy's ENI <ENI.MI> rose 3.7 percent, Royal Dutch Shell
<RDSa.L> gained 1.4 percent and Spain's Repsol <REP.L> added 2
percent.
On the downside, mining shares fell, along with metal
prices, with BHP Billiton <BLT.L> down 2.9 percent and Anglo
American <AAL.L> down 4.7 percent.
Banking and insurance shares, which have been leading the
market's recent sharp recovery, were mixed on Wednesday, with
ING <ING.AS> up 3.5 percent, Societe Generale <SOGN.PA> up 1.3
percent, UniCredit <CRDI.MI> up 0.4 percent, UBS <UBSN.VX> down
3 percent and AXA <AXAF.PA> down 1.2 percent.
Since the market reached a floor two weeks ago, the DJ Stoxx
banking index <.SX7P> gained 46 percent, the DJ Stoxx insurance
index <.SXIP> rose 40 percent, while the DJ Stoxx energy index
<.SXEP> added 14 percent and the DJ Stoxx basic resources index
<.SXPP> climbed 24 percent.
Around Europe on Wednesday, UK's FTSE 100 index <> was
down 0.3 percent, Germany's DAX index <> up 0.1 percent,
and France's CAC 40 <> up 0.1 percent.
On the upside, Inditex SA <ITX.MC> soared 6.1 percent after
Europe's biggest clothing retailer said it expects to outperform
the industry in 2009 and will continue to focus on profitable
expansion, it said on Wednesday.
Stocks didn't move much after a closely-watched survey
showed German corporate sentiment fell to a record low, which
dragged the euro lower against the dollar.
The Munich-based Ifo economic research institute said its
business climate index, based on a monthly poll of around 7,000
firms, fell to 82.1 from 82.6 in February. A Reuters poll of 45
economists had pointed to a reading of 82.2.
Investors' attention will turn to key U.S. data due later in
the session, looking for clues on the prospect that the
recession-hit economy might be hitting a bottom.
U.S. durable goods data are due at 1230 GMT, and U.S. new
home sales due at 1400 GMT.
"Stabilisation and slight improvements in macro data are
bringing some further more confirmation that the Fed and other
U.S. officials are bound to succeed in getting soon the U.S.
economy out of its latest deep and scary recession, and that the
Great Depression scenario will have hopefully been avoided,"
Global Equities analysts wrote in a note.
(Editing by Greg Mahlich)
