Pharma, oil stocks lead European shares higher

FRANKFURT, May 16 (Reuters) - European shares rose early on Friday, lifted by gains in pharmaceutical stocks after positive data for a Sanofi-Aventis (SASY.PA: Quote, Profile, Research) heart drug, while energy shares rose as oil neared $125 a barrel. By 0714 GMT, the pan-European FTSEurofirst 300 index was up 0.4 percent at 1,365.05 points, rising for a third consecutive session. The index had gained about 1.3 percent so far this week.

The oil price CLc1 clawed back to around $125 a barrel and was up 61 cents at $124.73 a barrel, powering energy heavyweights higher. Total (TOTF.PA: Quote, Profile, Research) rose 0.8 percent and BP (BP.L: Quote, Profile, Research) and Royal Dutch Shell (RDSa.AS: Quote, Profile, Research) added 0.4 percent each.

British Airways (BAY.L: Quote, Profile, Research) rose 5 percent it met forecasts with a 45-percent rise in annual profit and said it would pay a dividend of 5 pence, its first since 2001.

Sanofi-Aventis shares rose 3 percent after scientists said on Thursday patients with a common heart arrhythmia are less likely to end up in hospital if given Sanofi-Aventis's experimental drug Multaq.

(Reporting by Eva Kuehnen)