PARIS, March 20 (Reuters) - European stocks ended lower on Thursday, losing ground for the fifth time in six sessions as mining and energy shares retreated along with commodity prices on fears over demand and global economic growth.
Credit Suisse was the biggest laggard among Europe's blue chips, losing 6.4 percent after the Swiss lender warned it could report its first quarterly loss in five years.
But buoyant pharmaceutical stocks and a late rally among a number of European banks helped cushion the fall.
AstraZeneca rose 2 percent, Sanofi Aventis gained 1.1 percent and Banco Santander added 2 percent.
The FTSEurofirst 300 index of top European shares closed 0.3 percent lower at 1,226.67 points.
The index -- on track to record its worst quarterly performance since the third quarter of 2002 -- closed the roller-coaster week with a loss of 2.3 percent. Major European markets will be closed on Friday and Monday for the Easter holiday.
Miners and oil firms took a beating, with Anglo American sinking 8.1 percent, Xstrata XTA.PA losing 6.3 percent and Total slipping 2.2 percent.
U.S. crude oil futures CLc1 fell below $100 a barrel, touching their lowest level in two weeks as fears over the health of the U.S. economy prompted investors to book profits following a recent surge in crude prices.
"There's little doubt, in our mind, that commodities are seeing the same liquidity-driven bubble that led to all the strength and excesses in areas like structured derivatives -- and the subsequent collapse," Steve Barrow, chief currency strategist at Bear Stearns, wrote in a note.
"Hence we should always be ready to admit that commodity prices will, undoubtedly, fall in a very big way at some point. The question is whether this point is right now."
The banking sector ended mixed, with Societe Generale (SOGN.PA: Quote, Profile, Research) down 1.8 percent, Deutsche Bank (DBKGn.DE: Quote, Profile, Research) down 1.2 percent and UBS (UBSN.VX: Quote, Profile, Research) down 1.1 percent.
Banking stocks have been hammered over the past eight months as trouble in the risky U.S. subprime mortgage market forced a number of financial institutions to announce massive asset writedowns and as investors continue to fear that banks have yet reveal the full impact of the subprime debacle on their books.
The DJ Stoxx bank index is down nearly 40 percent from its 52-week high reached last spring.
"There's not one valuation tool left to measure banking stocks: P/E ratios are not relevant at this point, price-to-book ratios are at very low levels... Investors are left in the dark. We don't know what to expect from the banks' results," said Emmanuel Morano, head of equity management at La Francaise des Placements, in Paris.
"The bleeding in the financial sector will have to stop and economic growth will have to return before we see any serious rally in stocks," he said.
Around Europe, Germany's DAX index .GDAXI lost 0.7 percent, UK's FTSE 100 index .FTSE dropped 0.9 percent and France's CAC 40 .FCHI shed 0.5 percent.
On the year, the DAX is down 23 percent, the FTSE 100 down 15 percent and the CAC 40 down 19 percent.
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