At the close: FTSE storms over 6,000 in shock four day nine per cent rally as share prices stay volatile
The FTSE 100 has smashed through the 6,000 barrier, less than a week after falling to lows of just over 5,500.
The top share index closed at 6,030.32, up 2.9 per cent on the day, adding over nine per cent in the last four trading sessions.
The rebound comes amid recent extreme market volatility across Europe's stock markets, as investors grapple with a commodities rout, a push back in interest rate rise expectations and the possibility that the European Central Bank will further ease its monetary policy in March.
Last week investors were fretting over the health of the global economy and warnings over revenue prospects at some of Europe's biggest banks sent them fleeing to safe haven assets.
Laith Khalaf, senior analyst at Hargreaves Lansdown: "We’re in a trampoline market right now, where stocks are bouncing around wildly almost every day. Very often the stocks that fall to the bottom of the FTSE on one day rise to the top on the next. The implication is that fundamentals have gone out of the window and sentiment is dominating market movements."
Miners have lead today's rally that has seen the FTSE 100 blue chip index gain almost three per cent.
Glencore and Anglo American have both recorded double digit rises, up 16.5 per cent and 17.6 per cent, respectively.
Antofagasta as well as BHP Billiton both added around eight per cent.
Emerging market focused Aberdeen Asset Management was also one of the top performers, rising by 8.3 per cent.
Jasper Lawler, market analyst at CMC Markets, warned: "Gains in the market are on shaky ground when they’re based on the most beaten up sectors. When the biggest fallers year-to-date lead the day’s gains then it’s a short-covering rally."
Supermarket Sainsbury was also one of the day's biggest risers, up 4.7 per cent after Exane BNP Paribas upgraded the UK supermarket group to "outperform" from "neutral" and lifted the price target to 280p from 250p.
Brent crude oil has climbed 7.7 per cent as traders eagerly await a deal from Opec and Gulf oil producers, despite Iran vowing to continue to ratchet up its production.
Brent was trading for $34.60 a barrel in evening trading while US West Texas Intermediate was also up back over $30 per barrel.
Earlier in the day data from the Office for National Statistics employment levels hit a new record high, while the unemployment rate is at a decade low.
However, earnings growth remained subdued at the end of 2015.