FTSE nudges over 5,800 as builders soar

Commodity companies and housebuilders lifted London’s top market, as the price of oil staged a small recovery compared with its 20-year lows earlier this week.

The FTSE 100 managed to rise by just under 1 per cent, or 55.98 points, to 5,826.61.

The price of oil, which has been in the doldrums, regained some ground after tensions flared up again between the US and Iran. A barrel of Brent crude oil, the international standard, rose in price by 9 per cent to $22.39, on fears that supplies from the Middle East could be hit if tensions spill over into conflict.

But it hardly marks a full recovery for the measure, which is still well below last Friday’s price of $28, and miles off the $64 a barrel cost at the beginning of the year. It helped push up mining companies Evraz ,up 16 pat 254.9p, and Polymetal, up 72.5p to 1,700p.

Although London’s top index eked out a gain, it was rather low compared with many international peers, said Connor Campbell, an analyst at Spreadex. He said: “The FTSE… had to settle for a 0.9 per cent climb, one that pushed it above 5,800. The UK index lagged behind its peers due to sterling’s gains against the dollar and euro, clawing back some of the losses incurred as Brexit reared its ugly head once again earlier in the week.”

A pound became 0.3 per cent more expensive against the dollar at $1.2368, while £1 will now set Europeans back by €1.1441.

In company news, it was the nation’s builders that led the way, as Taylor Wimpey announced that it plans to resume work on its construction sites from 4 May. Its shares closed up 12.7p at 147.8p, with rivals Barratt Developments also up 41.3p at 515.8p and Persimmon up 169p at 2,189p.

Retailers all took a dent to their share prices, with some investors spooked at a trading update from Ben and Jerry’s maker Unilever. The company said it has taken a hit to its food service and ice cream businesses, sending shares down 76p to 4,167p.

Sainsbury’s was down 6.05p to 198.85p; Tesco fell 5.4p to 234.7p and Ocado dropped 34p to 1,590.5p.

Online food delivery firm Just Eat’s £6.2 billion merger with Dutch group Takeaway. com was given the green light by Britain’s competition watchdog.

But its shares fell 174p to 7,726p.