The FTSE Eurofirst 300 had was down on the week despite a number of companies that delivered positive quarterly earnings reports. Much of the losses were due to declines in oil companies due to falling crude oil prices. The 300 was down by 1.4 percent during the week to close at 1,377.99 on Friday.

In the oil sector, Neste Oil dropped 4.3 percent during the week to €27.66, while OMV slid 3.5 percent to €55.11 and Total was down 3.4 percent to €219.20.

Semiconductors and cars were both mixed during the week. Among chipmakers, Infineon was up 4.4 on the week to €9.69 after it showed a profit for the first time in a year. On the other hand, STMicroelectronics dropped 6.4 percent to €14.57 this week after it forecast that gross margins for the full year would be lower than had been anticipated.

Among automobile manufacturers, Renault and Peugeot were up, while DaimlerChrysler and Volkswagen both saw declines in share prices. Volkswagen lost 4.4 percent to €61.21 on a lower than expected quarterly report, while DaimlerChrysler was down by 6.4 percent on the week to €43.46 on disappointing results.

On the gaining side of the sector, Peugeot added 3.4 percent to €52.10 on a report of first-quarter sales up by 2.4 percent, about what was expected. Renault, with sales up by 5.8 percent in the quarter, more than had been anticipated, gained 7.4 percent during the week to €92.00.

In Europe on Thursday, the FTSE Eurofirst 300 was down by 0.6 percent to 1,383.20 as the day’s trading session closed. The oil and utilities sectors were down on lower oil prices, and the oil and mining sectors were affected by the news that China had raised interest rates unexpectedly. On the other hand, the insurance sector saw gains on the day.

UBS issued comments on several insurers and reinsurers, helping them higher. Axa received an upgrade from “neutral” to “buy, which helped it add 1.4 percent to €29.35. The recommendation on Allianz was raised from “reduce” to “neutral” and it gained 1.2 percent to €134.11. Among reinsurers, UBS reiterated its “buy” recommendations on Swiss Re and Hannover Re, and they each added 0.6 percent to SFr91.45 and €29.70 respectively. Munich Re retained its “neutral” rating and was up 1.2 percent to €113.85. Outside of the round of recommendations, Italian insurer Alleanza was up 2.8 percent to €9.757 on the news that a plan is in the works to return over €1 in excess cash to its shareholders.

Among oil companies, Statoil was down 3.1 percent to NKr203, while Neste Oil dropped 2.7 percent to €27.49 and Total declined by 1.2 percent to €222.20.

In the utilities sector, Finnish company Fortum was worst off, dropping 8.5 percent to €19.60, while Electricite de France lost 4.2 percent to €46.55, RWE was down 2.6 percent to €69.60, and Eon declined by 1.3 percent to €95.95.

Results were mixed in the chemicals sector. Bayer reported an 8.2 percent advance in operating earnings in the first quarter, adding 3.5 percent to €36.75 on the day. BASF, however, dropped 1.1 percent to €68.28.

The FTSE Eurofirst 300 added 0.26 percent on Wednesday to close at 1,390.96. Earnings news from several sectors helped the Eurofirst stay in positive territory.

The semiconductor sector did well after Infineon reported its first profit in four quarters, on its automotive, industrial, and memory units. The German chipmaker was up 0.9 percent to €9.59. Elsewhere in the sector, Philips added 2.7 percent to €27.74, Siemens gained 2.3 percent to €79.75, and Micronas Semiconductor was up 1.2 percent to SFr33.40 despite downgrades from a number of brokers. Only STMicroelecctronics had a notable decline, losing 3.9 percent to €15.12 despite reporting better than anticipated quarterly results recently.

The banking sector was mixed. Despite a 12.1 percent gain in net profits in the first quarter, ABN Amro was down 2.5 percent to €24.25. But Italian bank Capitalia was up 2.5 percent to €6.93 on merger rumors.

A 15 percent rise in sales in the first quarter sent Swiss pharmaceuticals company Roche up 0.3 percent to SFr189.40. Much of the upswing in sales were on increased demand for Tamiflu and cancer drugs. Roche said it expects sales and earnings to rise even more as the year progresses. Elsewhere in the sector, GPC Biotech added 4.7 percent to €13.58 on a recommendation that it continue late-stage trials on a prostate cancer drug it is developing. The news brought an upgrade from “hold” to “buy” from West LB, which also raised the drugmaker’s target share price from €14.1 to €15.7.

The FTSE Eurofirst 300 was down 0.1 percent to 1,387.35 on Tuesday despite gains in the automobile manufacturing sector.

Swiss luxury goods manufacturer Richemont dropped 3 percent to SFr64.15 on profit taking after it reported that annual sales was up 17 percent due to growth in its jewelry and watch making units. Richemont’s shares have added 16 percent since the beginning of the year.

Also down on the day was household appliance maker Electrolux. The company’s shares dropped 2.2 percent on the day to SKr218.50 after Goldman Sachs reiterated its “underperform” rating and cut its earnings per share estimate by 10 percent on the prospect of further rises in the cost of raw materials.

Gainers on the day included STMicroelectronics, which added 1.2 percent to €15.72 ahead of its quarterly earnings report which was due to be released after the close of trade. Infineon Technologies added 2.6 percent to €9.44 on an upgrade from “equal-weight” to “overweight” from Lehman Brothers. In addition, Infineon’s target share price was raised from €8 to €12.

Telecommunications company TeliaSonera was also up on the day, by 1.9 percent to SKr48.90, on higher than expected first quarter core earnings and a proposal for an additional annual dividend.

Among carmakers, Renault added 7.1 percent to €92.05 after it said its first quarter sales were up by 5.8 percent, year on year, better than the 4 percent advance that had been expected. Merrill Lynch raised Renault’s target share price from €85 to €100, while Dresden Kleinwort Wasserstein upped the target from €95 to €97. Elsewhere in the sector, Volvo was up 4.4 percent to SKr370.50, also on better than expected profits in the first quarter.

In Europe on Monday, the FTSE Eurofirst 300 was down 0.6 percent to 1,388.98, although the telecommunications and oil sectors saw gains on the day.

The oil sector was mixed even as crude oil prices continued to rise and ABN Amro began coverage of Norsk Hydro and OMV with “buy” recommendations for both companies. Norsk Hydro gained 1.8 percent to NKr987.50, but OMV dropped 1.8 percent to €56.10. Neste Oil, meanwhile, gained 2.3 percent to €29.55. Oil support group Saipem added 2.3 percent as well, to €21.10.

Deutsche Telekom was up 3.7 percent to €14.16 when private equity investor Blackstone purchased a 4.5 percent stake in the telecom from German state development bank KfW. Elsewhere in the sector, Telekom Austria added 1.3 percent to €19.17 and France Telecom was up 1.1 percent to €18.20 as the Blackstone purchase raised hopes of further consolidations in the sector.

Stock exchange Euronext was up 1 percent to €73.05, primarily on a report that the owner of the Dubai Stock Exchange is planning to bid on the European exchange.

In the steel sector, ThyssenKrupp gained 0.5 percent to €26.97 when it said it anticipates that sales in China and Hong Kong will double in the fiscal year and on an upgrade from HSBC from “neutral” to “overweight”. HSBC also raised the steelmaker’s target share price from to €31, up from €18.

Despite a 32 percent rise in earnings in the first quarter, Swiss pharmaceutical company Novartis dropped 1.2 percent to SFr72.50 on the news that it plans to hire 1,000 new sales staff.

In Europe this week, the FTSE Eurofirst 300 was up 2 percent to 1,397.07. This four and a half year high came even though crude oil prices were up into record territory.

Finnish utility Fortum was the week’s biggest gainer, ahead of a first-quarter report, due next Tuesday, which is expected to show earnings up by 20 percent. Most of the gains came on increased prices for electricity. Fortum added 12.7 percent to €23.13.

Other double-digit gainers this week included German steel maker ThyssenKrupp and Dutch chemicals group Akzo Nobel. ThyseenKrupp was up 10.2 percent during the week to €26.83 ahead of quarterly results due May 12. UBS reiterated its “buy” recommendation and increased the steel maker’s target share price from €25 to €30. Meanwhile, Akzo Nobel advanced by 10.1 percent to €47.83 on a better than expected quarterly report.

In the telecommunications sector, Nokia added 7.1 percent on the week to €18.65 on a positive earnings report. Swedish telecom Ericsson, however, lost 9.8 percent this week to SKr26.60 on a quarterly report that showed profits flat.

German utility Eon was up 7.1 percent to €97.60 after it was announced that Eon will take a stake in Gazprom’s Siberian gas field while Gazprom will take part of Eon’s Eastern European operation.

In the banking sector, French bank Societe Generale added 3.9 percent this week to €124.10 on the announcement that it will buy Splitska Bank in Croatia.

In Europe on Thursday, the FTSE Eurofirst 300 was up 0.2 percent to 1,387.36, it’s highest close in nearly five years. Even so, it fell back substantially from the high of 1,392.85 in reached earlier in the day as mining stocks in the UK saw losses.

The telecommunications sector was mixed. Nokia added 5.6 percent to €18.40 on a first-quarter earnings and sales report that was well ahead of forecasts. However, Ericsson was down 0.4 percent to SKr28.70 ahead of its first-quarter report, due Friday.

In the semiconductor sector, STMicroelectronics was helped by Nokia’s result and added 2.6 percent to €15.60.

Dutch chemicals company Akzo Nobel gained 6 percent on the day to €46.29 after releasing a better-than-expected quarterly report and a positive outlook statement for the second quarter. Dresdner Kleinwort Wasserstein reiterated its “add” recommendation and its target share price at €46. The rest of the sector benefited from Akzo Nobel’s report. BASF was up 3.3 percent to €67.55, Bayer added 1.9 percent to €34.32, and DSM gained 1.7 percent to €36.83.

Foods group Danone added 1.3 percent to €100.70 as it reported close to a 15 percent rise in sales in the first quarter and issued a positive outlook. Even so, Sanford C. Bernstein reiterated its “underperform” rating on Danone and kept its target share price at €76. The agency did, however, say that if there was an offer for the company, its share price could rise as much as 20 percent.

German software company SAP released a slightly less positive report. While license revenues were higher than had been anticipated, operating margins were lower than expected and there was no change in its full-year guidance. As a result, SAP dropped 0.9 percent to €181.50.

The FTSE Eurofirst 300 closed up 1.2 percent to 1,384.01 on Wednesday as the semiconductor sector saw advances. The telecommunications sector was mixed. Banks, meanwhile saw advances.

In the semiconductor sector, ASML added 3.5 percent to €17.40 after it said that its outlook was good for the coming year and announced a share buyback worth €400 million. Even so, Dresdner Kelinwort Wasserstein reiterated its “hold” recommendation” and target share price of €17. Elsewhere in the sector, Infineon was up 3.3 percent to €9.05 and STMicroelectronics advanced by 2 percent to €15.20 on good sales news from Texas Instruments.

Telecoms were mixed, as Nokia gained 0.4 percent to €17.43 in anticipation of an earnings report due to be released later in the day but Ericsson dropped 1.7 percent to SKr28.80 ahead of its quarterly results, to be released on Friday. Nomura reiterated its “sell” recommendation on Ericsson, while Credit Suisse had more positive comments on the Swedish company.

Philips Electronics added 4 percent on the day to €27.32 after losing value on Tuesday despite a positive earnings report.

Among banks, Credit Suisse and ING each added 2.4 percent to SFr74.90 and €32.04, while BNP Paribas gained 1.6 percent to €74.05.

Schering, the German pharmaceuticals company, added 0.3 percent to €86.29 on a 4 percent gain in operating profits in the first quarter.

The FTSE Eurofirst 300 lost 0.1 percent on Tuesday to 1,368.17, with declines blamed on high oil prices and a lower tech sector. Meanwhile, the automobile manufacturing sector was mixed and airlines were down on the day.

The rise in crude oil prices led to declines in the airline sector. Scandinavian airline SAS dropped 3.8 percent to SKr101.50, while Air France-KLM was down 1.9 percent to €18.42 and Ryanair declined by 1.4 percent to €7.17.

In the automobile manufacturing sector, Volkswagen was the biggest loser at 1.6 percent to €61.54. DaimlerChrysler was down 0.7 percent to €45.64, while BMW dropped 0.6 percent to €44.20. Bucking the trend was Peugeot, which added 0.4 percent to €50.25 on the news that it will close a plant in the UK with a loss of 2,300 jobs.

Gains in the oil sector helped the Eurofirst limit its losses on the day. Statoil was up 4.1 percent to NKr202.50 after Merrill Lynch raised its target share price from NKr190 to NKr220. Norsk Hydro was up 3 percent to NKr958.50, while Neste Oil gained 3 percent to €28.75 and OMV added 3.1 percent to €58.75.

In the tech sector, Philips Electronics dropped 2.1 percent to €26.28 even though they saw a 37 percent rise in net profits in the first quarter. The decline on the day was due at least partly to investor disappointment that a first-quarter share buyback was not extended further.

Elsewhere in the tech sector, Nokia dropped 0.3 percent to €17.36, Ericsson was down 0.7 percent to SKr29.30, and SAP lost 1.5 percent to €180.07.

Pharmaceuticals company Roche lost 1.9 percent to SFr188.90 when HSBC dropped its target share price from SFr233 to SFr222. HSBC did, however, maintain its “overweight” rating for the drug company.

In Europe on Thursday, the FTSE Eurofirst 300 was up slightly ahead of the Good Friday holiday tomorrow, but volumes were low. The Eurofirst added 0.3 percent on the day to 1,369.26.

Utilities were mixed. HSBC upgraded Suez from “neutral” to “overweight” in anticipation of the proposed merger with Gaz de France, but Suez still dropped 0.2 percent to €30.97 despite a raised target share price, up to €35. HSBC initiated coverage of Gaz de France with a rating of “overweight” and a target share price of €33. As a consequence, Gaz de France was up 0.1 percent to €28.15.

Elsewhere in the sector, Electricite de France was up 2.8 percent to €47.12. HSBC initiated coverage with a “neutral” rating and a target share price of €38, but Morgan Stanley reiterated its “overweight” rating and raised the utility’s target share price to €50. German utility RWE added 1.4 percent to €72.06.

Stock exchanges were up on the day. Euronext was up 1 percent to €68 on a report that five French banks that own a combined 9.7 percent stake in the exchange were in talks to enter into a shareholder pact that would allow them in future merger decisions. The London Stock Exchange added 2.8 percent to £12.32 after it said that it could withstand bid pressure alone but was thinking about mergers with other exchanges.

In the telecommunications sector, equipment maker Ericsson gained 0.7 percent to SKr29.50 on the news that its joint venture with Sony had sold 13.3 million handsets during the first quarter, slightly above its prediction of 13.1 million, which put profits and sales above forecasts for the quarter.

Ericsson’s report helped the semiconductor sector. Infineon added 3 percent to €8.87 and ASML was up 1.3 percent to €16.71.

Among retailers, Carrefour advanced by 3.7 percent to €44.57 as it said it’s first-quarter sales were up 8.3 percent.