Results, basic resources' bounce help European shares recover

LONDON, April 19 (Reuters) - European shares inched up on Wednesday, as a rebound in basic resources stocks and some positive first-quarter results outweighed weakness in oil and gas stocks.

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, were mixed.

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 pound.

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)