The FTSE 100 was rose on Wednesday, breaking a string of down days caused by uncertainty surrounding the price of oil.

Strong corporate results helped lift sentiment as the FTSE 100 rallied towards 5,800 on Wednesday afternoon.

Building material group CRH was one of the FTSE 100 top risers on Wednesday rising over 6% following the release of a trading statement that pointed to a strong first quarter.

The group also said they saw future benefits from government stimulus to help revive the economy.

“We have had a good start to the year, and although the global spread of COVID-19 brings challenges for us all, I have no doubt that with the financial strength of CRH and the experience of our leadership teams, we will endure through these unprecedented and uncertain times,” said Albert Manifold, Chief Executive of CRH.

“All necessary actions are being taken to protect our employees and businesses, and to ensure that we are well positioned for the recovery in our markets.”

US-focused Plant hire company Ashtead was also stronger on the day, rising over 7%.

UK house builder’s were among the top risers a day after a report from Zoopla revealed a 30% increase in rental activity, suggesting housing activity could bounce back following the easing of lockdown measures.

Oil giants Royal Dutch Shell and BP added a significant number of points to the FTSE 100 as the oil market calmed.

Fears over a lack of storage had caused WTI oil to trade negatively on Monday sending shock waves through markets. The two FTSE 100 majors have now reversed much of the losses inflicted on the equities in the wake of the oil turmoil, despite oil remaining weak today.

Centrica was the biggest faller on the FTSE 100 as it sank to 29p, the lowest price in the energy companies’ history.

In the US, the Dow Jones and S&P 500 also gained after the open with the Dow Jones rising to 23,413, up 1.71%.


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