Volumes were light on European equities markets on Tuesday as many investors took summer holidays and as the FTSE Eurofirst 300 lost 0.6 percent to 1,186.73.

The pharmaceuticals sector was still feeling the fallout from last Friday’s jury verdict against Merck in the first Vioxx case to reach the US courts. Novo Nordisk lost 1.5 percent to DKr323.50 after a US rival reported success in clinical trials of a diabetes drug, which caused concerns that Novo Nordisk’s development of a similar product might be undermined.

Elsewhere in the sector, Sanofi-Aventis lost 1.6 percent to €70.65 and Novartis and Roche each declined by 1.1 percent. Novartis ended the session at SFr61.65, while Roche settled at SFr173.60.

Oil prices caused declines in both the oil sector and in sectors which use a great deal of oil products. In the oil sector, Eni dropped 2.1 percent to €23.47, Total lost 1.2 percent to €208.30, and Repsol YPF declined by
1 percent to €23.86.

Most companies in the automobile manufacturing sector were also down on the day. The exception was Fiat, which closed up 2.8 percent to €7.446 on the heels of Monday’s 3.3 percent gain. Elsewhere in the sector, Peugeot lost 1.2 percent to €51.80, DaimlerChrysler fell 1.3 percent to €42.14, Porsche closed 1.9 percent lower at €643.22.

In the airlines sector, Air France lost 2.4 percent to €13.62 and Lufthansa closed even at €11.09 after recovering from a decline earlier in the day.