European equity markets saw ups and downs during the week, thanks to the unrest in the Middle East and the continuing string of quarterly reports being issued in various sectors. The FTSE Eurofirst ended the week 1 percent higher than it began, closing on Friday at 1,290.17.

Technology stocks were mixed during the week. Among in the semiconductors sector, Infineon ended the week 0.7 percent lower to €8.32. The German chip manufacturer had been up for most of the week, but ended the week on a low note as it issued a less than pleasing quarterly report. On the other hand, ASML and STMicroelectronics each were 1 percent higher on the week, to €14.76 and €11.77 respectively.

Mobile phone equipment makers Nokia and Ericsson both ended the week higher. Nokia added 4.5 percent to €15.28 despite a disappointing quarterly report, while Ericsson gained 7 percent to SKr22.80 after it was able to win a big contract.

In the electronics sector, Phillips Electronics issued a positive quarterly report early in the week. The good news managed to carry it to an advance of 6.3 percent for the week.

Among pharmaceuticals makers, Roche was up 4 percent during the week to SFr214.80 on good news and broker updates. Bear Stearns increased the drugmaker’s estimate of earnings, while Deutsche Bank upped its target share price from SFr245 to SFr250.

The FTSE Eurofirst 300 was 0.2 percent higher on Thursday, gaining only 2.3 points on the session to 1,301.6. Quarterly reports and broker recommendations were key factors in the gains and losses of individuals stocks.

Nokia added 0.4 percent to €15.62 after it released its second-quarter earnings report. Before the figures were released, shares in the Finnish mobile handset manufacturer went as high as €16.08. Later on, they fell as low as €15 before rising a bit before the close of trade. Meanwhile, Ericsson was down 0.9 percent to SKr23 ahead of its quarterly report, which is due to be released on Friday.

In the semiconductor sector, chip equipment maker ASML was 2.2 percent lower to €15.56 after a gain of over 6 percent yesterday after it released a positive quarterly report. Despite the report, Rabo Securities downgraded ASML’s shares from “buy” to “hold”.

Swedish engineering company Sandvik dropped 4.2 percent to SKr73.75 after its quarterly report failed to meet expectations. Elsewhere in the sector, Atlas Copco was down 2.5 percent to SKr176.50 after a disappointing guidance was released earlier this week.

In the pharmaceuticals sector, Roche added 3.3 percent to SFr214.90, its highest closing price ever, helped by a good quarterly report. Bear Stearns confirmed its “outperform” rating and SFr280 target share price for the drug maker. Dresdner Kleinwort did not change its “sell” rating, but raised Roche’s target share price from SFr170 to SF4180.

Advances in technology stocks and the banking sector took the FTSE Eurofirst 300 up by 2.2 percent on Wednesday to 1,299.19. It was the first day of gains after four consecutive days of losses for the 300.

In Italy, Banca Monte dei Paschi di Siena was 4.4 percent higher to €4.54 as new rumors circulated that Sanpaolo IMI might be interested in offering. Sanpaolo added 2.8 percent to €13.68. Nordea added 5.5 percent to SKr85.75 after it released a more positive quarterly report than had been expected. Credit Agricole was up 5.6 percent to €30.15 on the possibility that it would be the only bidder for Emporiki Bank of Greece, which dropped 3.7 percent to €25. Bank of Cyprus was rumored to be considering pulling out of the bidding over difficulties involving pension costs; it added 8.8 percent on the session to €7.14.

Among telecommunications companies, Nokia was 5.4 percent higher to €15.56 on an upgrade by Lehman Brothers, from “equal weight” to “overweight”, ahead of its quarterly report, due later in the day. Meanwhile, Ericsson gained 6.9 percent to SKr23.20 on news that it has secured a contract to build a GSM network for Brazilian telecom Vivo.

In the semiconductor sector, Infineon was up 3.2 percent to €8.73, while STMicroelectronics gained 4.9 percent to €12.35 and ASML advanced by 6.4 percent to €15.80 on record net profits in the second quarter.

Weakness in the technology sector send the FTSE Eurofirst 300 0.9 percent lower on Tuesday, to close at 1,309.06. There were serious investor concerns as fears surfaced that quarterly reports could be disappointing.

French engineering group Alstom reported first-quarter sales figures that did not satisfy, while it warned that an increase in orders during the quarter will not be likely to be sustained all year. Shares in Alstom lost 3.5 percent to €66.95.

Among tech companies, Alcatel dropped 5.9 percent to €9.20 despite saying that preliminary quarterly numbers are about where they were expected to be and that its merger with Lucent Technologies would be closed by the end of the year. While Citigroup retained its “buy” recommendation for Alcatel, Dresdner Kleinwort retained a “sell” recommendation and a target share price of €8.60. Elsewhere, Nokia fell 2 percent to €15.14 and Ericsson declined by 3.4 percent to SKr22.60.

Phillips Electronics was down 3.8 percent to €23.06 ahead of its quarterly report, due next Monday.

ASML declined by 2 percent to €15.13 as the semiconductor sector saw losses. STMicroelectronics dropped 2.4 percent to €11.91, while Infineon was down by 2.8 percent to €8.73.

Among gainers on the day, drugmaker Roche ended the session 0.2 percent higher to SFr207.60, and went as high as SFr211, as UBS increased its target share price from SFr230 to SFr270, citing its potential for expansion.

Automobile manufacturer Fiat added 1.7 percent to €10.85 as Goldman Sachs issued a “buy” rating as it resumed coverage of the carmaker.

The FTSE Eurofirst 300 gained 0.7 percent on Monday to close at 1,269.21, helped by an announced merger in the telecommunications sector.

Nokia of Finland said it would merge its network equipment unit with that of Siemens. The announcement sent shares in Nokia up by 3.2 percent to €16.15, while Siemens added 7.2 percent to €67.36. The merger was expected to save €1.5 billion per year by 2010. While Dresdner Kleinwort Wasserstein made negative comments about the deal, including that the deal would take a long time to close, HSBC upgraded Siemens from “neutral” to “overweight” and increased the German telecom’s target share price from €76 to €81.

Also in telecoms, TeliaSonera dropped 1.8 percent to SKr39 on a downgrade from “hold” to “sell” from Citigroup.

In semiconductors, Infineon was 0.7 percent higher at €8.57, while STMicroelectronics gained 1.9 percent to €12.49 on a buy recommendation from Morgan Stanley.

Ferrovial added 4.2 percent to €55.45 on an upgrade from “hold” to “buy” from Societe Generale, based on the assumption that the Spanish construction group will complete its takeover of airport operator BAA.

In the insurance sector, Allianz was up 3.5 percent to €118.48, while RAS gained 2.9 percent to €18.57 and Axa advanced by 1.3 percent to €24.30.

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.

The FTSE Eurofirst 300 was down 0.2 percent to 1,364.88 on Wednesday as a result of profit-taking and the fallout of high commodity prices.

After the announcement that Nasdaq had acquired nearly 15 percent of the London Stock Exchange, mergers within the sector became a hot topic of conversation. Among the moves being rumored were a merger of the LSE and Euronext in order to stave off a possible hostile takeover of LSE by Nasdaq, with the Tuesday move only an opening gambit. Amid the rumors, Euronext added 1.7 percent to €67.35. Deutsche Borse also benefited from the talk, rising 1.5 percent to €112.48.

Talk of possible bids also had an effect on the construction and telecommunications sectors. In construction, Spanish group Sacyr-Vallehermoso and French company Eiffage both were down on the day after it was said that Sacyr might soon make a bid for Eiffage. Sacyr dropped 2.4 percent to €25.86, while Eiffage was down 1.1 percent to €121.80.

In the telecommunications sector, KPN was up and Belgacom was down slightly on reports that Belgacom might bid for KPN. Belgacom lost 0.1 percent to €27.81, while KPN added 1.6 percent to €9.67. Belgacom’s chief executive said that no bid for KPN was forthcoming, but the company has expressed an interest in buying Vodafone’s stake in Belgian operator Proximus. However, analysts believe that a move in that direction would find Belgacom in competition with companies such as Telekom Austria, which was down 0.9 percent on the day to €18.44.

Elsewhere in the telecommunications sector, Ericsson added 2.8 percent to €29.30 on an increased target share price, from SKr30 to SK4 32, from Lehman Brothers. Nokia dropped 1.2 percent to €17.38 on profit-taking and despite comments from Credit Suisse that Nokia’s valuation is attractive and its product portfolio was improving.