In Europe on Thursday, the FTSE Eurofirst 300 added 1 percent to 1,318.78 despite more comments from the president of the European Central Bank that point toward future hikes in interest rates in the region.

In the oil sector, stocks advanced even though crude oil prices stepped back from yesterday’s record highs. Neste Oil went as high as €27.90 during the day after Merrill Lynch raised the company’s target share price from €33 to €36. By the close, Neste had retreated to €27.57, still 3.3 percent higher. Meanwhile, Repsol YPF was up 1.9 percent to €22.56, while Statoil added 2.8 percent to NKr181 and OMV gained 3.6 percent to €48.70.

Automobile manufacturers saw some gains on the session. Peugeot was up 0.1 percent to €48.80 on the announcement that global sales were 0.6 percent higher in the first half of 2006. Renault added 2.8 percent to €83.55 even though its sales were weak in the first half of the year.

The airlines sector saw gains despite higher crude oil prices. Alitalia gained 1.1 percent to €0.91 after the an Italian government agency provisionally approved it’s purchase of rival Volare. Lufthansa was up 1.4 percent to €14.52, while Air France-KLM advanced by 1.5 percent to €18.51.

The FTSE Eurofirst 300 dropped 0.4 percent on Thursday as crude oil prices rose again and the US stock markets were down.

Despite rising oil prices, the oil sector was mixed on the day. Statoil dropped 3.9 percent to NKr196 on the news that it had gone ex-dividend, so that new stock purchasers will not be eligible to receive a dividend this year. Spanish oil company Repsol was down 1.5 percent to €22.25 after it reported that net profits in the first quarter were up 7.5 percent, less than had been expected. The results were explained by falling refining margins that offset high prices. The rising price of crude oil sent shares in Neste Oil up 4.2 percent to €28.17, while Total gained 0.8 percent to €223.80.

In the telecommunications sector, Deutsche Telekom dropped 2.6 percent to €13.24 after lower than expected core earnings in the first quarter due to weakness in its mobile phone business in the UK.

Banks were mixed on the day. Raiffeisen International was up 5.2 percent to €78.10 on better than expected quarterly results. ING Group also had a better quarterly report than had been expected, with net profit up 3.3 percent, but after early gains its shares ended the day down by 0.2 percent to €33.09. Greek banks were down as well. Both Eurobank and Piraeus Bank reported net interest income that was lower than had been anticipated. As a result, Eurobank lost 4.8 percent on the day to €29.88 and Piraeus dropped 2.3 percent to €26.06.

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 0.4 percent to 1,379.11 after an early drop to as low as 1,369.89.

The oil sector was instrumental in the day’s gains, with the sector up 0.9 percent as a whole. Neste Oil gained 3.8 percent to €28.90. Statoil was up 1.4 percent to NKr187, while Total added 1 percent to €218.30 and Repsol ended the day up by 0.4 percent to €23.70.

Telecommunications companies were also on the rise. Belgian company Belgacom added 1.8 percent to €27.52 when Morgan Stanley upgraded the telecom from “underweight” to “equal-weight”. Elsewhere, mobile phone group Mobistar gained 2 percent to €61.55.

The largest decline of the day came from European defence company EADS, which dropped 4.4 percent to €32.73. The company’s shares were down after two major shareholders said they will reduce their holdings in the parent company of Airbus. Media group Lagardere announced that it will reduce its stake in EADS from 15 percent to 7.5 percent. Lagardere ended the day 3.7 percent higher to €66.80 as Goldman Sachs upgraded it from “outperform” to “in-line.“ DaimlerChrysler will also reduce its stake in EADS by 7.5 percent, leaving it with 22.5 percent ownership of the defence company.

EADS was also hurt by news that defense electronics group Thales, which had been rumored as a possible partner for EADS in its satellite business, will purchase French telecommunications equipment maker Alcatel’s satellite business instead. Alcatel added 2.1 percent to €13.35 and Thales dropped 2.5 percent on the day to €36.36.

In Europe on Monday, the FTSE Eurofirst 300 finished the day up 0.1 percent at 1,321.65, largely on activity within the banking sector.

BNP Paribas initiated a takeover bid for Banca Nazionale del Lavoro, Italy’s sixth largest bank. The bid, worth €9 billion, spurred large gains in the Italian banking sector. Capitalia was up 7.6 percent to €5.74. Banca Popolare di Milano gained 6.9 percent to €10.57. Mediobanca advanced 4 percent to €16.24. Banca Intesa was up 3.3 percent to €4.90. BNL, however, fell 2.4 percent to €2.89.

In other fallout from the announcement from BNP, BBVA lost 1.2 percent to €16.22. BBVA will sell its 14.9 percent stake in BNL as part of the deal. Elsewhere in the banking sector, Societe Generale gained 0.5 percent on the day to €109.90, but Credit Agricole fell 0.1 percent to €29.05.

Takeover rumors also affected the oil sector as Repsol gained 4.2 percent to €23.18 on reports out of Spain that BP and Italian oil company Eni are thinking about entering takeover bids for Repsol, which is seen as vulnerable after the expiration of Spanish government protection of the company from hostile takeover. Eni gained 0.8 percent on the day to €24.60. Elsewhere in the oil sector, Austrian company OMV gained 6.4 percent, while Norwegian firms Statoil and Norsk Hydro were both up. Statoil gained 3.4 percent to NKr184.00 while Norsk Hydro advanced 1.9 percent to NKr815.00.

In the biotech sector, Swiss company Serono posted disappointing profits and revenues growth in the fourth quarter, opening it to takeover speculation and sending the company’s shares down 0.1 percent on the day to SFr958.50. GlaxoSmithKline has been seen as a likely party to attempt a takeover, but it has been reported to be unwilling to pay what analysts say would be an adequate per-share price. Other possible bidders for Serono are thought to be Novartis and Johnson & Johnson.