The FTSE Eurofirst 300 was up just 0.1 percent to 1,399.35 on the day Monday as the oil sector was weak on declining crude oil prices but insurance companies and banks did well.

The oil sector was down 1.5 percent as a whole. Statoil dropped 3.1 percent to NKr20 not only on lower oil prices but on a quarterly earnings report that did not meet expectations even though its operating profits were up by a reported 44 percent. Norsk Hydro was down 3.2 percent to NKr940. OMV declined by 5.1 percent to €53.40 despite saying that it is in talks with Verbund, Austria’s biggest utility. Neste Oil was down 4 percent to €27.75. Oilfield services company Saipem was down 2.3 percent on the day to €20.16.

In the insurance sector, CNP Assurances was up 4.3 percent to €92.90 after last week’s upgrade from West LB. Axa, another French insurer, added 1.2 percent to €30.36 after Bear Stearns reiterated its “outperform” rating. Axa is expected to release its quarterly report on Thursday. Meanwhile, Merrill Lynch raised its target share price on Zurich Financial from SFr350 to SFr365, sending Zurich up 1.9 percent on the day to SFr315.

Credit Suisse was up 0.3 percent to SFr77.90, Deutsche Bank added 0.4 percent to €99.20, and UBS was up 1.1 percent to SFr150.60 in a day of advances in the banking sector. ABN Amro gained 1.7 percent to €23.39, while UniCredit was up 1.9 percent to €6.22. But the star performer of the day was Banca Monte dei Paschi di Siena. On upgrades from Credit Suisse and Morgan Stanley, the Italian bank gained 3.5 percent on the day to €4.8760. Credit Suisse upped its rating on the bank from “neutral” to “outperform” on what it called its “restructuring potential”. Morgan Stanley based its upgrade, from “underweight” to “equal weight” on good earnings coupled with cost cutting and reduced credit charges.

In Europe this week the FTSE Eurofirst 300 was up 1.5 percent to close on Friday at 1,398.71. Much of these advances were due to gains in companies that support mining and the oil industry. Banks were mixed, but saw some gains.

The banking sector produced some positive earnings reports over the week, but those were not enough in all cases for shares in the banks to advance. Credit Suisse, for example, lost 0.3 percent during the week to SFr77.65 even though it reported quarterly earnings higher than had been expected. UBS also reported results that were above what had been predicted, gaining 1.4 percent on the week to SFr149. Deutsche Bank was up 1.5 percent this week to €98.80 despite a decline Wednesday when investors questioned whether the growth shown in its quarterly report could be sustained over the long term.

In companies related to the oil industry, Italian oilfield services company Saipem added 4.3 percent this week to €20.68. Dutch oilfield services company SBM Offshore, meanwhile, was up 4.5 percent to €88.90 on new contracts worth $750 million.

Among companies that support the mining sector, tool and machinery maker Sandvik gained 8.4 percent during the week to SKr217.50. Sandvik reported quarterly results above predictions on Tuesday, which spurred positive comments from JP Morgan and from Handelsbanken, which raised its target share price on the company from SKr490 to SKr535. Sandvik’s rival, Atlas Copco, also reported good quarterly figures and added 8.2 percent over the week to SKr217.50.

In the telecommunications sector, Norwegian company Telnor was up 12.2 percent on the week to NKr80.25 on a 55 percent gain in core earnings and upgrades from several banks.

Declines in shares of financial companies sent the FTSE Eurofirst 300 down by 0.8 percent to 1,379.72 on Wednesday. While financials posted generally positive quarterly reports, investors took profits, sending share prices down.

In the banking sector, both Deutsche Bank and Credit Suisse issued quarterly reports this week that showed profits up more than had been expected. Credit Suisse said Tuesday that it had achieved record profits in its investment banking division, but because some analysts wondered whether those profits could be sustained over the longer term, Credit Suisse dropped 2.3 percent on the day to SFr77.10. Meanwhile, Deutsche Bank reported a net profit of 55 percent in the first quarter. It also announced a share buyback plan for up to 10 percent of its shares. Despite this news, Deutsche Bank was down 1.7 percent to €95.56. Nordea was also down, by 2.4 percent to SKr93.50, even though its first-quarter earnings were higher than had been expected.

German insurer Allianz also saw its share price decline on the day even though its quarterly report showed earnings higher than predicted. Allianz dropped 1.7 percent to €131.60.

A report of record first-quarter profits didn’t help BMW avoid a losing session, either. Despite healthy sales in Europe and the US in April and an 81 percent increase in net income in the quarter, the automobile manufacturer saw its shares decline by 2.7 percent to €42.26.

In the construction sector, Spanish company Grupo Ferrovial was up 2.9 percent to €67 after it released a first-quarter report showing net profits were up 43.6 percent. However UK operator BAA again rejected Ferrovial’s bid even after Ferrovial said that it would raise its bid if it was allowed to complete due diligence. BAA said that Ferrovial’s bid had undervalued its business.

In Europe on Tuesday the FTSE Eurofirst 300 added 1 percent to 1,391.10 on gains in several sectors. Commodities prices that continue to rise have helped the oil and mining sectors, while strong earnings reports from other sectors have also contributed to the gains.

In the steel sector, Arcelor added 3.3 percent to €33.69 after its chief executive said that the company is worth much more than a proposed bid from rival Mittal Steel. Elsewhere, ThyssenKrupp gained 3.3 percent as well, to €26.98, and Salzgitter was up 5.1 percent to €66.10.

Among oil-related companies, oilfield services company Saipem added 2.8 percent to €20.45. Repsol, however, lost 0.6 percent to €23.53 after Bolivia took control of foreign-owned gas fields in that country. Repsol is the most heavily exposed European oil company in South America.

Utilities were up as well, with Suez up 3.5 percent to €32.29 and Gaz de France 1.5 percent higher to €66.92 after it was reported over the weekend that Suez expects twice the earlier estimated amount in annual synergies after the two complete their merger.

In the banking sector, Credit Suisse gained 1.3 percent to SFr78.90 after it said that first-quarter net income had risen by 36 percent, well above predictions. Its banking division saw net income increase by 44 percent. The report spurred WestLB to upgrade its shares to “add”.

Dutch food group Numico also issued a positive first-quarter report, with sales up 13.6 percent, in double digits in all three main divisions, and profit margins up to 19.2 percent. Numico gained 5.3 percent on the day to €37.82.

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.

In Europe on Wednesday, the FTSE Eurofirst 300 fell 1.04 percent to 1,205.39. In Germany, the Xetra Dax was down even more, falling 1.77 percent to 4,875.22.

Among the reasons for the declines were worries about a new hurricane threatening the United States.

The banking sector was one of the biggest decliners on the day, falling after a downgrade of the sector from “overweight” to “neutral” by JP Morgan.

UBS was down 0.8 percent to SFr109.10, Credit Suisse Group lost 1.4 percent to SFr57.25, and Deutsche Bank declined 2.6 percent to €74.90.

The reinsurance sector was down on reports of the strengthening of Hurricane Rita on the heels of losses incurred by Katrina. Munich Re lost 1.9 percent to €90, while Swiss Re fell 1.5 percent to SFr81.80.

The semiconductor sector also saw declines on the day, as Infineon lost 1.1 percent to €7.90 on a report that it was getting ready to spin off its DRAM memory chip unit, which has been incurring losses.

Elsewhere in the sector, STMicroelectronics fell by 2.7 percent to €13.93 and Dutch chipmaking equipment company ASML declined 3.3 percent to €13.39 on reports that chip equipment sales and billing were both down globally.