UK shares edge higher after oil-driven plunge

Britain's top equity index rose on Wednesday, as positive corporate updates helped calm the mood after a sharp selloff in the previous session driven by plunging oil prices. The blue-chip FTSE 100 index advanced 1% by 0723 GMT, while domestically oriented midcap shares rose 0.2%.

Markets globally took a breather after this week's wild swings in oil prices even as Brent crude - Europe's oil benchmark - tumbled to its lowest since 1999 due to plunging demand in the wake of the coronavirus crisis. A recovery in banks stocks aided, while shares in Irish building group CRH jumped 4.7% as it expects to benefit from economic measures to mitigate the hit from the outbreak.

Online fashion retailer Boohoo rose 3.1% after it said its performance recovered in recent weeks even as sales growth dipped in the middle of March due to lockdowns.