* FTSEurofirst 300 up 0.3 pct, close to 5-yr high
* Euro STOXX 50 edges up 0.1 pct
* Vivendi rises after Q3 results
* U.S inflows into European equity market continue -Lipper
By Sudip Kar-Gupta
LONDON, Nov 15 (Reuters) - European shares rose back towards
five-year highs on Friday, buoyed by media group Vivendi
and prospects of a further dose of accommodative
central bank policies that were tipped to keep the equity rally
The pan-European FTSEurofirst 300 index was up by
0.3 percent at 1,297.56 points in mid-session trading, moving
back near a 5-year high of 1,316.42 points reached on Nov. 7.
The euro zone's blue-chip Euro STOXX 50 index
also edged up by 0.1 percent to 3,056.31 points. It is up 16
percent since the start of 2013, while the FTSEurofirst 300 has
risen 15 percent.
Media and telecoms conglomerate Vivendi rose to the top of
the FTSEurofirst 300's leaderboard after its third-quarter sales
and earnings beat forecasts, with the company adding it was
making progress with a plan to hive off its SFR telecoms unit.
"I would certainly consider buying Vivendi. I see between 6
to 8 percent upside left in it," said JNF Capital investment
advisor Edward Smyth.
Overall, third-quarter results in Europe have been mixed.
According to Thomson Reuters StarMine data, 51 percent of
companies on the pan-European STOXX 600 index have
beaten or met expectations and 49 percent missed them.
However, equity markets have gained steady support from
monetary policies that the world's major central banks have
adopted in order to drive an economic recovery after the 2008
Thomson Reuters Lipper data on Friday showed that European
equities enjoyed a 20th straight week of inflows from U.S
The European Central Bank (ECB) last week cut interest rates
to a record low of 0.25 percent, and on Thursday the designated
new head of the U.S. Federal Reserve, Janet Yellen, defended its
steps to spur growth.
The Fed has adopted a bond-buying programme that has hit
returns on bonds and driven many investors over to the better
returns available from the stock market, helping spur this
year's equity rally.
The Fed is due to start to scale back that programme as the
U.S economic recovery gathers pace, but most investors expect
the programme to stay unchanged for the coming few months.
Andreas Clenow, hedge fund trader and principal of
Zurich-based ACIES Asset Management, said he saw no reason for
the stock market rally coming to a halt for now, given the
backdrop of central bank support.
"The global markets are strongly trending up. You want to be
on the 'long' side," he said.
Knight Capital Group strategist Ioan Smith, however, said
some investors may look to start trimming back equity holdings
before the year-end in order to book profits on gains made so