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Europe shares turn positive, led by drugs, telecoms

FRANKFURT, Nov 12 (Reuters) - European shares turned slightly positive by late morning on Wednesday, led by pharma and telecoms sectors, as Wall Street futures rose, helping boost investor sentiment.

At 1131 GMT, the FTSEurofirst 300 .FTEU3 index of top European shares was up 0.56 percent at 888.53 points after rising as high as 899.97 and dropping as low as 877.03 in choppy trade.

The index has fallen more than 41 percent this year, hit by the credit crisis and resulting economic slowdown.

Telecoms led the push into positive territory, with Vodafone VOD.L up 7.6 percent, extending gains from Tuesday, when its first-half results beat forecasts, as analysts pointed to a revved-up group strategy.

Among pharmaceuticals, AstraZeneca AZN.L, Merck KGaA MRCG.DE and Bayer BAYG.DE added 1.4-2.2 percent.

Financial KBC Groep KBC.BR was down 6.7 percent, while Credit Agricole CAGR.PA fell 2.4 percent and Societe Generale SOGN.PA lost 1.7 percent.

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