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Europe Shares Close Narrowly Higher

European shares closed narrowly higher on Friday, having pared gains when mixed economic reports from the U.S. did little to soothe concerns about an imminent end to the Federal Reserve's bond buying program.

(Read More: Why the Fed Will Try to Calm Market Nerves)

The pan-European FTSEurofirst 300 index closed provisionally up 0.2 percent at 1,176.1 points, following a volatile session. However, the index closed lower on the week, in its fourth consecutive period of losses.

The basic resources sector booked the heaviest gains on Friday, as it recovered from a heavy sell-off on Thursday.

(Read More: 'Indiscriminate Sell-Off' in Miners Creates 'Bargains')

Symbol
Name
Price
 
Change
%Change
Volume
FTSE
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DAX
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CAC 40
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IBEX 35
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The auto sector also saw strong gains, due to an upturn in Rolls Royce shares, following the firm's upgrade to "buy" by Investec. Investec highlighted Rolls Royce's upwards trajectory in profitability, and the potential for higher shareholder pay-outs.

Meanwhile, German building firm Hochtief closed nearly 6 percent higher on the news that it plans share buybacks up to 260 million euros ($347 million) over the next five years. The decisions comes after stock declines of 10 percent in the past month.

Nokia shares closed around 4.7 percent higher on reports that Siemens is in talks regarding a sale of Nokia Siemens Networks, the companies' joint venture. Siemens shares closed around 0.2 percent higher.

Michelin, Europe's largest tiremaker, closed around 4.7 percent higher after publicizing a surge in tire demand from Brazil last month.