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Suggestions of a slower pace of interest rate increases in both Europe and the US and positive noises on trade from Mexico and China helped lift investor sentiment on Thursday.
Sterling was on the front foot as Donald Trump made positive noises about a trade agreement between the US and UK. The strength of the pound helped constrain gains for the FTSE 100.
By the close the index of leading UK shares was up 0.4% and back above the 7,200 mark, while the S&P 500 was ahead by 1.5% to 2,785.77 at 4.30pm UK time.
Shares in investment trust Woodford Patient Capital fell 8% after trading in Neil Woodford's LF Woodford Equity Income Fund was suspended yesterday. Retail stockbroker Hargreaves Lansdown was caught up in the fall-out dropping 4.9%.
Elsewhere embattled travel operator Thomas Cook sank 17.3% as the market continued to fret about its financial position. LARGE AND MID CAP RISERS AND FALLERS
Royal Dutch Shell fell 0.3% despite the oil giant stating that it could potentially distribute $125bn or more to shareholders over the five-year period between 2021 to 2025.
Shell said it would raise its dividend when there was a 'line of site' to the completion of its current $25bn share buyback programme, due by the end of next year.
Online electrical-appliance retailer AO World dropped 6.7% as it reported a wider pre-tax loss that it pinned, in part, on changes to driver scheduling arrangements in Germany.
Online gambling group 888 gained 7.9% after it reported a 2% rise in sales for the year to date, and a 6% rise on a like-for-like basis.
Shopping centre group Intu Properties fell 2.7% on announcing that it had appointed former Crest Nicholson finance head Robert Allen as its new chief financial officer. Interim CFO Barbara Gibbes would resume her duties as director of finance.
Budget carrier Wizz Air gained 6.1% as it reported a 22% rise in passenger volumes during May, as it added new routes to and from Poland and Ukraine.
NewRiver REIT fell 4.4% after it announced that it had sold an Asda foodstore and petrol station in Wales to a private investor for £17.9m, below its book value.
SMALL CAP RISERS AND FALLERS
Photonics system developer Gooch & Housego slumped 22% after it booked a fall in first-half profit and cut its full-year outlook, amid ongoing US-China trade tensions.
Equipment rental specialist Vp rallied 10% after it posted a 9% rise in annual profit, buoyed by higher sales in the UK.