European bourses mostly pushed higher to end a positive week on a high note. The FTSE Eurobloc 100 index added 0.3 per cent to 1,003.94 for a net five-day gain of 2.1 per cent. The FTSE Eurotop 100 added 0.2 per cent at 3,084.39 and the FTSE Eurotop 300 improved 0.1 per cent at 1,332.96.

Frankfurt spun round into the red in the dying moments of the session, pushed lower by derivatives expiries. The Xetra DAX index, which touched 5,506.25 at one stage, ended off 72.55 at 5,342.96. The decline pared the net gain on the week to 1 per cent.

Munich Re gained €1.31 at €174.60 following an upbeat trading statement. Allianz improved €4.49 to €270.01 in sympathy.

Banks were a firm market. HypoVereinsbank rallied from recent weakness, regaining 70 cents at €56.30. News of the disposal of Bankers Trust's Antipodean arm lifted Deutsche Bank 92 cents to €55.19.

Paris posted a third successive all-time closing high despite Wall Street's uncertain start. The CAC-40 index closed 30.79, or 0.7 per cent, higher at 4,539.56.

Oil groups climbed along with the early rise in the price of crude. Elf- Aquitaine gained €2.50, or 1.7 per cent, to reach €147, while Total ended €4, or 3.1 per cent, higher at €133.70.

Madrid ended higher as Repsol, the oil group, and Telefonica, the telecommunications company, put in powerful performances. The general index finished 11.18 or 1.2 per cent up at 913.05.

Repsol prospered as the oil price rose early in the day. The group, which hit an all-time high of €19.50, closed 48 cents, or 2.5 per cent, up at €19.39.

Telefonica benefited from positive sentiment about deals in Latin America and Italy, climbing 82 cents, or 1.7 per cent, to €47.75.

Amsterdam continued to move higher, with a 3 per cent gain for financial giant Aegon providing much of the day's momentum. The AEX index ended 3.22 higher at 576.03.

Zurich came off its best levels in the wake of the day's options expiry, but the SMI index still closed 36.8 higher at 7,189.8.

Milan edged higher, as the market calmly absorbed the simultaneous expiry of index futures and options as well as options on individual stocks. The Mibtel index put on 177 to 24,722.