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.