* FTSEurofirst 300 up 0.3 pct; set for fifth weekly gains
* Energy shares track higher crude oil prices; banks rise
* Swatch jumps after earnings results; Porsche races higher
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By Atul Prakash
LONDON, Aug 14 (Reuters) - European shares rose for a third straight session on Friday and remained on track for a fifth week of gains as investors snapped up stocks after encouraging economic data this week, with oils tracking firmer crude prices.
At 1128 GMT, the FTSEurofirst 300 index of top European shares was 0.3 percent higher at 951.47 points after hitting a nine-month high in the previous session. The index, which plunged 45 percent last year, is up 14 percent in 2009 and has jumped 47 percent since a record low in March.
Energy shares were among top gainers as crude oil prices rose 0.4 percent to trade near $71 a barrel. BP, Royal Dutch Shell, BG Group, Tullow Oil, Repsol, Total and StatoilHydro added between 1 percent and 2.1 percent.
"Investors are prepared to increase their risk appetite on the back of confidence they have gained from the GDP numbers that we have seen during the course of this week," said Henk Potts, equity strategist at Barclays Stockbrokers.
"We continue to see consensus-beating corporate results and the outlook statements from the central banks have also been supportive," he added.
Figures showed on Thursday that France and Germany enjoyed a surprising return to economic growth in the second quarter, ending their recessions earlier than many policymakers and economists had expected.
Financial stocks were also in demand. Barclays, Lloyds, Royal Bank of Scotland, BNP Paribas, Societe Generale and Credit Agricole rose 0.4-1.5 percent.
Allied Irish Banks was 7.2 percent higher after the Irish Times reported that a Canadian bank had approached it with a proposal to buy a stake in Allied when it has been cleansed of its risky loans. A spokeswoman for Allied Irish Banks declined to comment.
UBS rose 0.8 percent. A landmark settlement that will spare it a lengthy and damaging U.S. tax trial is set to be signed next week and will involve the disclosure of the biggest holders of secret Swiss accounts.
SWATCH, PORSCHE SURGE
Swatch Group, the world's largest watchmaker, rose 12 percent after saying it expects demand to pick up in the second half, while reporting first-half net profit that beat forecasts.
"The glut of better-than-expected releases we have seen recently has got the markets going again, with many analysts' suggesting that we are now at the start of a recovery," said Anthony Grech, market strategist at IG Index.
German builder Hochtief rose 3.4 percent after the company said it was considering selling shares in its airports division, seen by analysts as a move that might shore up the company's stock market value.
Volkswagen was down 5.3 percent, while Porsche was up 11.4 percent. Late on Thursday, VW agreed to buy a 42 percent stake in the sports car unit of debt-ridden Porsche, another step toward combining the two German carmakers into a European automotive giant.
Across Europe, Britain's FTSE 100, Germany's DAX and France's CAC 40 were up 0.3-0.5 percent. (Editing by Will Waterman)