LONDON, April 19 European shares inched up on
Wednesday, as a rebound in basic resources stocks and some
positive first-quarter results outweighed weakness in oil and
The pan-European STOXX 600 was up 0.2 percent by
0720 GMT after hitting a three-week low on Tuesday.
Britain's FTSE erased its year-to-date gains as it
extended Tuesday's losses, down 0.3 percent as gains in sterling
weighed on its majority foreign-earning constituents.
Basic resources were the top gainers, up 1 percent,
while oil and gas stocks fell 0.5 percent as crude prices dipped
on bloated U.S. supplies.
Earnings, which began in earnest from European companies,
Oil storage and services company Vopak was a top
gainer after its first quarter results, up 5.5 percent.
British luxury group Burberry was the top European
faller, down 6.1 percent after it reported a slight slowdown in
fourth-quarter comparable sales growth rate, saying tough
conditions in the U.S. outweighed 'exceptional' performance in
its home market where tourists took advantage of the weaker
German retailer Zalando fell 5.4 percent after it
said it was happy with its first-quarter despite margin pressure
due to post-Christmas sales discounting.
French media group Vivendi was the top CAC 40
faller after Italy's watchdog ordered the firm to cut its stake
in Telecom Italia or Mediaset.
The Italian broadcaster was among top fallers, down 3.1
percent, while Telecom Italia fell 1.3 percent.
Shares in British engineering group Cobham fell 10
percent after 683 million new shares were added to trading in
its rights issue raising 512.4 million pounds.
(Reporting by Helen Reid; editing by John Stonestreet)