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.

In Europe on Tuesday the FTSE Eurofirst 300 ws down by 0.1 percent to 1,271.62. The decline came as investors remained concerned about the situation in the Middle East.

Brewers, however, had a good day. Belgian brewer InBev was up 2.3 percent to €38.19 on an earlier upgrade from “add” to “buy” from Dresdner Kleinwort, which cited coming higher profits in China. Carlsberg gained 2.6 percent to DKr416 as Morgan Stanley upgraded the Danish brewer from “underweight” to “equal weight”. Heineken advanced by 3.9 percent to €34.26 on raised target share prices from Merrill Lynch and Dresdner Kleinwort after it raised its full-year prediction for growth in profits. Dresdner Kelinwort upped Heineken’s target share price from €35 to €36, while Merrill Lynch increased it’s target for the brewer from €36.50 to €38.

Elsewhere in beverages, Coca-Cola Hellenic Bottling gained 2.9 percent to €24.60 after Coca-Cola in the United States reported higher than predicted profits in the second quarter. The Greek bottler is the second-largest Coca-Cola bottler in the world.

There were also gains in the engineering sector. Sandvik added 1.7 percent to SKr75.50, while Atlas Copco gained 2.5 percent to SKr166.50 after its second-quarter report said on Monday that profits were up by 32 percent.

Among the day’s losers was the automobile manufacturing sector. BMW dropped 0.9 percent to €37.70 after Deutsche Bank downgraded the carmaker from “buy” to “hold”. Daimler Chrysler was 1.3 percent lower to €37.07. Volkswagen declined by 1.4 percent to €51.56.

The FTSE Eurofirst 300 saw gains on Tuesday after Monday’s substantial losses, with a rise of 2.4 percent to 1,302.02. The gains came as investors looked for good buys and commodity prices turned upward again.

In the oil sector, including oil companies and companies that service oilfield operations, gains were substantial. Statoil led the way among oil companies, adding 9.8 percent to NKr180. Norsk Hydro gained 8.8 percent to NKr167.50. Neste Oil was up 7.7 percent to €24.35, while OMV advanced by 7.5 percent to €42.99.

Among companies that service the oil industry, toolmaker Atlas Copco was up 11.5 percent on the day to SKr203.50. Its peer Sandvik saw a gain of 8.1 percent to SKr439.50. Italian company Saipem matched Atlas Copco’s 11.5 percent gain to close at €17.782, while Dutch company SBM Offshore, which builds oil production and storage platforms, added 6.9 percent to €81.60.

Banks with exposure to the emerging markets of Eastern Europe, which saw substantial declines earlier, were up significantly on the day. Raiffeisen was up 10.8 percent to €65.40, while Eurobank gained 7.7 percent to €22.84 and Alpha Bank advanced by 2.3 percent to €20.06.

Stock exchange Euronext was up 3.6 percent to €70 after it accepted an offer from the New York Stock Exchange, rejecting the offer from Deutsche Borse. Euronext said that it believed the NYSE offer was in the best interest of shareholders and that regulatory approval for the merger with the NYSE would go more smoothly than an attempt to merge with Deutsche Borse. The news did not hurt Deutsche Borse, which added 1.4 percent to €102.76.

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.

The European equities markets were down Wednesday, as the FTSE Eurofirst 300 dropped 0.2 percent to 1,315.77. This was despite more rumors of mergers as oil and mining stocks fell with Tuesday’s declines in commodities prices.

Salzgitter was down 4.6 percent to €54.49 as Australia’s biggest steel maker, BlueScope Steel, issued a profits warning. Copper producer Norddeutsche Affinerie lost 5.5 percent on the day to €24.42. Not everyone in the metals industry was down on the day, however, as speciality steel and tool maker Sandvik gained 4.8 percent to SKr407 after its fourth-quarter report showed an almost 35 percent gain in profits on strong demand.

In the oil sector, OMV was down 2.9 percent to €55.58, while Total dropped 2.4 percent to €215.90. The European oil sector as a whole fell 2.2 percent on the day.

The air transportation sector fared better, with Alitalia up 5.4 percent to €1.154. Even though Morgan Stanley said that the Italian air carrier will have to struggle to restructure, it nonetheless upgraded the airline to “overweight” and set a price target of €1.60. Meanwhile, Air France-KLM gained 3.1 percent. Morgan Stanley also upgraded that airline to “overweight”, saying that the market has underestimated revenue and cost synergy benefits when the French airline merged with KLM.

Other merger talk came in the telecommunications sector. Speculation over Portuguese conglomerate Sonae’s hostile bid for Portugal Telecom and takeover bid for PT Multimedia, 58 percent owned by PT, sent Sonae up 0.8 percent to €1.23. PT gained 0.1 percent to €9.70, and PT Multimedia gained 0.3 percent to €9.93. If these deals are completed, analysts expect that France Telecom, which owns 23.7 percent to Sonaecom, Sonae’s telecommunications arm, will be affected. France Telecom rose 1.3 percent on the day to €18.35.