The FTSE Eurofirst 300 added 0.1 percent Wednesday to close at 1,502.83 as a strong opening in New York helped overcome earlier declines due to profit taking.

The mining and oil sectors were mixed as base metals prices dropped and broker sentiment on oil was negative. Norsk Hydro, which has aluminium as well as oil interests, dropped 3.2 percent to NKr188.50. Meanwhile, Merrill Lynch reduced its rating on the oil sector as a whole to “underweight” on the basis of falling refining margins. Italian refiner Saras fell 0.8 percent to €4.05, while Neste Oil was 1.8 percent lower to €22.71. On the other hand, Hellenic Petroleum added 5.2 percent to €11.10 after a consortium it participates in found natural gas in Libya.

Steelmakers were hurt by a sector downgrade from Credit Suisse, which reduced its recommendation from “market weight” to “underweight”. ThyssenKrupp dropped 2 percent to €35.96, while Salzgitter fell 2.3 percent to €99.31 and Mittal Steel was 4 percent lower to €31.55.

The banking sector was higher on the session. UBS added 2.5 percent to SFr75.90. Greek banks Alpha Bank and EFG Eurobank both saw gains as well, with Alpha up 2.6 percent to €23.90 and EFG 2.9 percent higher to €28.70.

The FTSE Eurofirst 300 added 0.4 percent to 1,450.5 on Monday’s session as financial sectors saw gains that helped balance out losses in the oil sector.

The banking sector was helped by expectations of good earnings reports as well as by continuing bids rumors. Italian bank UniCredit was 0.8 percent higher to €6.62 and Hypovereinsbank added 1.9 percent to €36.63 on the news that Polish legislators voted on Friday to approve a merger between the two banks. Elsewhere in the sector, Raiffeisen International gained 1.1 percent to €86.95 and Danske Bank was 2 percent higher to DKr246 ahead of next week’s quarterly report. Natexis Banques Populaire gained 3.2 percent to €225.20 on speculation about an upcoming merger.

Airlines did well as oil prices continued to decline. Ryanair was 1.3 percent higher to €8.82, while Air France-KLM gained 2.1 percent to €26.35 and Lufthansa added 2.4 percent to €17.31. The sector was also helped by a 2.9 percent gain in the UK by British Airways on an upgrade from Citigroup.

Dropping oil prices did now, however, give any comfort to the oil sector. Repsol and Royal Dutch Shell each dropped 0.8 percent, to €25.83 and €27.03 respectively. Italian refiner Saras was 1.9 percent lower to €4.06 on a lower target share price from Morgan Stanley, which handed out target downgrades to other companies in the sector as well.

OMV fell 2 percent to €41.25, while Statoil was 2.6 percent lower to NKr166 even though Banc of America upgraded the Norwegian company. In the Greek portion of the sector, Hellenic Petroleum dropped 2.6 percent to €9.84, again on a Morgan Stanley downgrade. Morgan Stanley also reduced Neste Oil’s recommendation, from “overweight” to “equal weight”, sending the Finnish refiner 3 percent lower to €23.30. Norsk Hydro saw the biggest loss in the sector, dropping 4.1 percent to NKr151.50.

In Europe on Thursday, the FTSE Eurofirst 300 had an up and down day, finally ending 0.4 percent lower at 1,305.30. In Oslo, the OSE index was down 5.7 percent to 372.34.

In the Norwegian oil sector, Statoil dropped 4.7 percent to NKr171 and Norsk Hydro lost 7.5 percent to NKr160.50, both affected by dropping crude oil prices. Statoil was also hurt by reports of cost overruns at a gas project in the Barents Sea. Other Norwegian companies also had trouble on the day, with telecommunications company Telenor dropping 4.3 percent to NKr77.25. The nation’s largest bank, DnB Nor, lost 7.2 percent to NKr77.75.

Things were a little better for oil companies listed on the Eurofirst. Total added 0.4 percent to €51.15, while Cepsa was up by 0.8 percent to €48.12. Still in oil, refiner Saras had the largest initial public offering in Italy in four years. Shares in Saras were initially priced at €6 last week, but were down to €5.29 in their first day of trade.

In the telecommunications sector, Deutsche Telekom gained 0.6 percent to €12.67, while Belgacom was also up 0.6 percent to €25.58. Both were helped out by BT Group’s quarterly report, which showed a rise in core earnings.

Steel company Arcelor was down 2.6 percent to €32 after Mittal Steel initiated a hostile takeover bid. Mittal received regulatory permission for the bid earlier this week in Belgium, France and Luexembourg. Mittal was down 2.4 percent on the day to €27.33.