* FTSEurofirst 300 up 0.1 pct; gains for fifth day

* Financials among top gainers, HSBC up after results

* Commodity shares down as crude, metals prices fall

* For up-to-the-minute market news, click on [STXNEWS/EU]

By Atul Prakash

LONDON, Nov 10 (Reuters) - European shares rose for a fifth straight session on Tuesday as banks gained after HSBC (HSBA.L: Quote, Profile, Research) said loan impairment allowances for its U.S. consumer finance business fell in the third quarter, the first fall since 2006.

At 0946 GMT the FTSEurofirst 300 index of top European shares was up 0.1 percent at 1,012.66 points after touching 1,014.83, the highest level in more than two weeks.

The index, which jumped 2 percent in the previous session, is up 22 percent in 2009 and has surged 57 percent since hitting a record low in early March.

Banks were among the top gainers, with HSBC rising 3.2 percent after it said its underlying third quarter profits were "significantly ahead" of a year ago. [ID:nLA616591]