* STOXX 600 up 0.3 pct
* Banks snap six-day losing streak
* Burberry falls after results
* Edenred a top gainer on higher revenue growth
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By Helen Reid
LONDON, April 19 European shares recovered on
Wednesday from their biggest one-day loss in five months, as a
rebound in banking stocks and some positive first-quarter
results outweighed weakness in oil and gas stocks.
The pan-European STOXX 600 rose 0.3 percent by 0900
GMT, after hitting a three-week low on Tuesday.
Britain's FTSE extended the previous session's
losses, dropping 0.1 percent as sterling strength weighed on its
constituents, most of which are major exporters.
Banking stocks snapped a six-day losing streak -
their longest run of daily losses for 11 months - to rise 1.4
percent, making them the top sectoral gainers.
Banco Popular and Unicredit led the
sectoral gainers, adding 6 percent and 4.4 percent respectively.
Sentiment was helped by Jefferies initiating coverage on
Dutch bank ING Group with a "buy", saying ING shares
had 18.7 percent upside potential. ING rose 2.7 percent.
Societe Generale and Credit Agricole
topped the CAC 40, each up 2.9 percent.
Basic resources also bounced back, gaining 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,
Meal voucher group Edenred was a top gainer, up
6.4 percent after it posted higher first-quarter revenue growth
and maintained its targets, boosted by growth in Latin
"Overall, we are encouraged by the strong start to the year
and believe it means full year forecasts are well underpinned,"
Barclays analysts said.
Oil storage and services company Vopak was also a
top gainer after its first quarter results. The shares rose 5.5
British luxury group Burberry was the top European
loser, down 5.8 percent after it reported a slowdown in its
fourth-quarter comparable sales growth rate, saying tough
conditions in the U.S. outweighed an "exceptional" performance
in its home market.
"Burberry has published a strong H2 trading update but
this is driven by FX rather than any substantial underlying
improvement in earnings," Liberum analysts said.
German retailer Zalando fell 4.5 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 a top CAC-40 faller,
down 1 percent after Italy's watchdog ordered the firm to cut
its stake in Telecom Italia or Mediaset.
The Italian broadcaster was among the session's top fallers,
down 3.1 percent, while Telecom Italia fell 1.3 percent.
"Vivendi is very unlikely to sell down its 23.9 percent TI
stake, in our view," Jefferies analysts said.
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.
(Editing by Louise Ireland)