European equity markets were down slightly on Wednesday as the telecommunications and oil sectors ran into some trouble.

The FTSE Eurofirst 300 was down 0.3 percent to 1,163.02. Oil stocks fell, largely on the move of Royal Dutch Shell to a single listing and a larger index weighting.

Also a factor were the US oil inventories report that were released in time to affect afternoon trade. Royal Dutch “A” shares in Amsterdam fell 1.2 percent to €25.40 and “B” shares in London lost 1.7 percent to £18.08. Cespa was down 2.9 percent to €39.90, while Norway’s Statoil lost 1.6 percent to NKr136.50.

Nokia, the world’s largest mobile phone maker lost 2.2 percent to €14.70 and Ericsson was down by 1.5 percent to SKr26.30 on the report that US mobile maker Motorola only met but did not exceed quarterly expectations.

In other parts of the technology sector, news that Intel and Yahoo both had reported disappointed quarterly results sent stocks down for most of the day.

Some stocks managed to recoup losses by the end of the day, however, as Infineon and STMicroelectronics both closed 0.1 percent higher.

Infineon closed at €8.54, while STMicroelectronics finished the day at €14.92. Dutch chip making equipment manufacturer ASML gained 3.5 percent to €14.70 on the possibility of increased orders after Intel increased its 2005 capital expenditure budget once more.

In the pharmaceuticals sector, Roche gained 3.8 percent to SFr171.60 on its report that first half net profits were up 4 percent, beating expectations, and on reports that 25 nations have ordered Roche’s Tamiflu influenza drug on the recommendation of the World Health Organization.