European stock markets higher

AFP/File – A trader looks at computer screens where financial markets curves are scrolling in Paris, 2010. European …
LONDON (AFP) – European stock markets rose Friday, with the energy sector in focus after a court blocked British energy giant BP's Arctic oil tie-up with Rosneft.
Traders also assessed the state of Portugal's debt and political crisis.
The British capital's benchmark FTSE 100 index rose 0.30 percent to 5,898.71 points in late morning trade.
Frankfurt's DAX 30 climbed 0.31 percent to 6,955.08 points, the Paris CAC 40 gained 0.26 percent to 3,979.03 points and Portugal's main index was up 0.23 percent to 7,885.99.
"Friday marked yet another day of gains for European equities with traders continuing to buy into stocks which they feel are good value," said Joshua Raymond, an analyst at London trading group City Index.
"On the flip side to the positive equity session thus far was BP shares, which lagged the FTSE 100 Index after an arbitration panel ruled against their partnership with Russian firm Rosneft for oil exploration in the Arctic.
"The ruling is a bit of a setback for the oil giant which is looking to maximise operations and restore its core brand value after the Gulf of Mexico oil leak last year," Raymond added.
The arbitration tribunal's decision Thursday hit Russia's hopes of expanding its share of the world energy market, according to analysts.
The Stockholm Arbitration Tribunal ruling upholds a freeze on the tie-up issued by a London court in February and formally puts a halt to the $16 billion deal.
The British firm immediately issued a statement saying it "remains committed to partner with Russia" and would seek other ways of completing the historic deal.
"BP has always been and remains fully committed to investing in Russia," it said. The group's share price fell 0.91 percent to 476.55 pence in London trade.
Rosneft shares opened sharply lower and were down about 1.5 percent in early trading on Moscow's MICEX exchange.
Meanwhile in Portugal, the country's President Anibal Cavaco Silva met with leaders of political parties in a bid to resolve a deepening political crisis as rail and bus workers went on strike over pay cuts.
Analysts said the most likely outcome to the crisis caused by the Portuguese parliament's rejection of the government's austerity programme would be a snap election at the end of May or early June.
The austerity plan -- the government's fourth in a year -- was aimed at preventing Portugal from becoming the third eurozone country, after Greece and Ireland, to seek a multi-billion-euro bailout from the EU and the IMF.