European stock markets pare losses on pharmaceuticals (Reuters) (28-03-2008)

LONDON, March 28 (Reuters) - European shares fell upon opening on Friday, as crude oil priced dipped, and banks were generating more worry of losses. 

Energy giants BP and Total shares fell in tandem with the falling price of oil, while European banks UBS and Lloyds also declined. 

Not too long afterwards, indices reversed their downward trend as pharmaceutical companies’ shares rose. Switzerland's Novartis and France's Sanofi Aventis were gaining over 1%, offsetting losses by banks. According to a trader they were being treated as defensive shares, since they are not involved with the problems that are plaguing the financial sector

 Source: Reuters