In Europe on Friday, the FTSE Eurofirst 300 added 0.4 percent on the session and 1.6 percent on the week to close at 1,510.44. It was a new six-year high for the index.

Despite the gains, there were big losses for some. Software group SAP dropped 7.7 percent on the session to €39. The decline was blamed on new data showing that license sales were down. The report moved Goldman Sachs to take SAP off its “conviction buy” list and to reduce its target share price from €49 to €39. The decline, the largest for the software developer in over four years, led to a 4.5 percent decline over the week despite gains earlier in the week.

The oil sector was lower on the week after crude oil prices fell by more than 7 percent. Total was down 1 percent to €52.20, while OMV dropped 1.8 percent to €39.30 and Repsol YPF fell 3.1 percent to €25.22.

Another of the week’s losers was Carrefour. The French retailer dropped 5.5 percent on the session to €44.20 on broker downgrades after reports that sales were lower than had been anticipated in the fourth quarter. JP Morgan reduced its recommendation from “neutral” to “underweight” and Commerzbank lowered its rating from “buy” to “hold”. Both brokers also reduced Carrefour’s target share price.

Gainers included Deutsche Borse which added 7.7 percent to €148.75 during the week after it revelaed positive news from its Clearstream unit and as rumors circulated that it could merge with a US exchange operator.

The FTSE Eurofirst 300 added 0.4 percent on Tuesday to close at 1,462.53 as merger rumors continued in the banking sector.

There were gains in the retail sector. Carrefour added 2 percent to €47.22 after Tesco decided to buy the other half of China-based supermarket chain Hymall. The move underscored the value of the French retailer’s interests in that Asian nation. Ahold was 3.9 percent higher to €7.81 on speculation about the Dutch retailer’s restructuring after it agreed to sell part of its interests in the US last month. Some hedge fund investors are urging Ahold to completely divest itself of US holdings.

In the banking sector, Nordea added 6.7 percent to SKr107 after it became known that Sampo of Finland purchased 12.8 million more shares of the bank in November. Bids rumors circulated although some analysts said that Sampo was simply looking for a better position before the Swedish government sells its stake in Nordea. Sampo added 3.1 percent to €20.20 on the speculation, while Svenska Handelsbanken added 0.5 percent to SKr192.50 and SEB gained 2.6 percent to SKr213.00.

Stock exchange operator Deutsche Borse dropped 2.1 percent to €134.22 on a downgrade from “add” to “hold” from West LB, which cited valuation issues as a reason for its move.

In the electronics sector, meanwhile, Philips Electronics was 0.7 percent lower to €27.72 after its joint venture in South Korea, LG.Philips LCD, dropped almost 8 percent after being looked at by authorities concerning allegations of price fixing.

The European equities markets were down on Thursday after political concerns took crude oil prices to new record highs during the day. The FTSE Eurofirst 300 had its largest one-day decline in a month as it dropped 1.4 percent to 1,293.61.

The semiconductors sector was down on the session. STMicroelectronics was 1.1 percent lower €11.76, while ASML dropped 1.6 percent to €15.03 and Infineon was down by 2.7 percent to €8.52.

Ericsson declined by 1.4 percent to SKr22 despite a report from its joint venture with Sony to make handsets reported strong profits in the second quarter.

In the media sector, Premiere added 19.8 percent to €9.88 after the German pay television business secured a contract to show German league football.

The airlines sector was lower on worries about what effect higher fuel prices would have on earnings. Lufthansa dropped 1.9 percent to €14.09, while Iberia declined by 2.5 percent to €1.96 and Air France-KLM was 3.7 percent lower to €18.03.

Carrefour added 1.6 percent to €47.51 after revealing a second-quarter report that showed sales up 8.5 percent. Merrill Lynch upgraded the French retailer from “neutral” to “buy” and set its target share price at €51. However, ABN Amro downgraded Carrefour from “add” to “hold”.

In Europe on Thursday the equities markets fell, with the FTSE Eurofirst 300 declining by 0.2 percent to 1,355.46. Banking and retail were up on the day, but utilities were mixed and foods were down.

Among bankers DnB Nor, Norway’s largest bank, was up 0.9 percent to NKr81.50 after a strong performance in its brokerages led to a 28 percent leap in pre-tax profits in the fourth quarter.

German retailer Metro was up 4 percent to €43.90 on reports that German business confidence was at a 14-year high. Elsewhere in the retail sector, France’s Carrefour turned a comment by Deutsche Bank that its stock was undervalued into a gain of 3.1 percent to €40.86.

In the utilities sector, bid rumours continued but not to the huge benefit of companies in the sector as earlier in the week. Gas Natural was up 2.6 percent to €24.90 when Spanish construction company FCC said it would think about joining in a bid for Endsea. While Gas Natural gained on the talk, FCC dropped 0.4 percent to €57.10 and Endsea declined by 0.7 percent to €28.06. French utility Suez, gained 7 percent early in the day on rumors that it might be a takeover target by Enel, but by the end of the day Suez was only up 0.3 percent to €32. Elsewhere in the sector, EDF was up 1.5 percent to €42.47 on an announcement that its net profits had doubled, while RWE dropped 2.7 percent to €72.60 after issuing a statement saying that operating profits in 2006 would likely only grow by 5 to 10 percent.

Nestle was down by 3.3 percent to SFr386.50 despite a report of net profits in line with expectations and up 20.7 percent from 2004s figures. One analysts said that the profits report showed Nestle’s strength and that share prices do not reflect that strength, while Nestle’s chief executive put down reports that the company could be interested in bidding for Danone or Numico. Numico, meanwhile, dropped 1.7 percent to €37.13 as it announced disappointing results on fourth quarter sales, especially in baby food.