MADRID (MarketWatch) — European stocks were trading flat to slightly higher on Wednesday, with AXA SA and Commerzbank AG leading gainers and shares of Nokia Corp. continuing to suffer in the wake of the prior day’s profit warning.

The Stoxx Europe 600 index /quotes/comstock/22c!sxxp ST:STOXX600 -0.32%  was flat at 281.04. The index lost nearly 1% in may, its worst monthly performance since March.

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Shares of Nokia Corp. /quotes/comstock/13*!nok/quotes/nls/nok NOK -14.39%   /quotes/comstock/64h!e3:o-nok1v-eur FI:NOK1V -8.63%  fell 2% as some brokers cut earnings-per-share estimates and target prices for the mobile-phone group.

On Tuesday Nokia warned that second-quarter revenue would miss its prior targets due to declining sales volumes and prices. Read more on Nokia warning

Bernstein analysts cut Nokia to underperform from market perform on Wednesday, saying the new guidance is a “strong indication that our worst-case scenario is crystallizing.” They cut their target price to 3 euros from 5.5 euros.

Nomura, meanwhile, cut its earnings-per-share estimates on Nokia to 9 cents in 2011 and a loss of 1 cent in 2012.

Shares of Swedish telecom group Ericsson /quotes/comstock/15*!eric/quotes/nls/eric ERIC +1.37%   /quotes/comstock/22u!e4:se0000108656- SE:ERICB +1.59%  rose 1.4%. Australia’s NBN co. has picked Ericsson to supply wireless broadband services in a 10-year $1.1 billion Australian dollar ($1.2 billion) deal, the ABC reported.

Gaining ground in Europe, insurer AXA SA /quotes/comstock/24s!e:cs FR:CS +2.43%  rose 2.2% after releasing its strategic five-year plan. Axa targets a 15% adjusted return on equity in 2015 and underlying earnings per share (compound annual growth rate) of 10%.

The France CAC 40 index /quotes/comstock/30t!i:px1 FR:PX1 -0.19%  rose 0.3% to 4,008.12.

Among other gainers, shares of Commerzbank AG /quotes/comstock/11e!fcbk DE:CBK +0.44%   rose 1.2%. The German DAX 30 index /quotes/comstock/30p!dax DX:DAX -0.21%  added 0.2% to 7,306.89.

In London, shares of building-materials group Wolseley PLC /quotes/comstock/23s!e:wos UK:WOS -1.26%  fell 1.2% in the wake of its third-quarter results. The company said trading profit for the period rose 30%, while revenue rose 6% on a comparable basis.

Shares of real-estate group Hammerson PLC /quotes/comstock/23s!a:hmso UK:HMSO +1.11%  rose 1.4%. Morgan Stanley upgraded the shares to overweight from equal weight, saying it expects property to continue its “strong absolute and relative performance, particularly in the U.K.”

/quotes/comstock/22c!sxxp /quotes/comstock/13*!nok/quotes/nls/nok /quotes/comstock/64h!e3:o-nok1v-eur /quotes/comstock/15*!eric/quotes/nls/eric /quotes/comstock/22u!e4:se0000108656- /quotes/comstock/24s!e:cs /quotes/comstock/30t!i:px1 /quotes/comstock/11e!fcbk /quotes/comstock/30p!dax /quotes/comstock/23s!e:wos /quotes/comstock/23s!a:hmso

Barbara Kollmeyer is an editor for MarketWatch in Madrid.

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