Recording a 0.6% rise, UK's top share index, FTSE moved into a positive territory, on the back of unexpected hikes in stocks, commodities and banking in particular. By 9 am, the index had surged by 30.65 points, to stand at 5298.35, a substantial rise from the closing figures recorded on Thursday, which were 5267.70.

"Yesterday we saw profit taking in sectors that have led the recovery but reasonably upbeat leading indicators from the U.S. have calmed the nerves and yet again we have buyers on the dip", said Jim Wood-Smith, Head of Research at Williams de Broe.

On Friday, many of the stocks which had recorded sharp falls on Thursday, making it record the biggest one-day fall in three weeks, started to show promising hikes. Miners, which were the most hurt on Thursday, bounced back as metal prices rose and their stocks recorded 0.1-2.4% rises. So far in the current year, the mining sector has surged 95%.

Among other winners were SABMiller, British American Tobacco, Pharmaceuticals stocks, Cable & Wireless and Royal Dutch Shell.

Banks also came back with a bang as markets stabilized. HSBC, Europe's largest bank, gained 0.7%, while Barclays, Standard Chartered, Lloyds and RBS recorded hikes of between 0.1-1%.

Since hitting an all time low in March this year, the FTSE has managed to gain as much as 60%.