closest to the pin at close 28-8-09

+63pts

Europe shares advance; L'Oreal jumps after results

LONDON, Aug 28 (Reuters) - European shares rose on Friday after two days of losses, led higher by commodity and banking stocks, with investors awaiting UK GDP data and U.S. figures on personal income and consumption for near-term direction.

At 0713 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was up 0.6 percent at 974.21 points after falling 0.5 percent on Thursday. It has risen 5 percent in August and is on track for a second consecutive month of gains.

The index, which slumped 45 percent in 2008, is up 17 percent this year and has jumped 51 percent since falling to a lifetime low in early March.

Banks were among top gainers, with Standard Chartered (STAN.L), Barclays (BARC.L), Lloyds Banking Group (LLOY.L), Royal Bank of Scotland (RBS.L), BNP Paribas (BNPP.PA) and Societe Generale (SOGN.PA) gaining 0.3 to 2.4 percent.

L'Oreal (OREP.PA) jumped 7 percent after the French beauty products giant posted a drop in first-half profit, but smaller than expected, as consumers tightened their belts and became more reluctant to spend money on high-end lipsticks and creams.

"The Friday trading session is always eyed with interest. It's a good indication of the overall sentiment, especially in a week where markets have rallied," said Brian Myers, analyst at ODL Securities.

Across Europe, Britain's FTSE 100 index .FTSE, Germany's DAX .GDAXI and France's CAC 40 .FCHI rose 0.7-0.9 percent.

http://www.reuters.com/article/marketsNews/idINLS57535720090828?rpc=44