Eurofirst down for third week

Eurofirst down for third week

The European equities market was down for the third week in a row, although the FTSE Eurofirst 300 did manage a small rally to close at 1059.7 on Friday. Despite this rally, the market ended the week as a whole down by 1.2 percent.

It was a week that largely saw declines, although Dassault Systems, the world’s largest maker of computer-aided design software, was up 5.1 percent for the week on a positive first-quarter earnings report.

The biggest decline of the week came in the pharmaceuticals sector, where Novo Nordisk fell 14 percent after it issued a warning that there could be a delay of three years in the introduction of a new use for one of its products.

The semiconductor sector also had a bad week. STMicroelectronics led the declines in that sector with a fall of almost 10 percent after reporting first quarter losses. ASML fell 7.4 percent on the week, and Infineon lost 7.5 percent.

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