UK’s FTSE 100 recouped losses on Friday towards the end of a volatile week, led by a rebound in oil and banking stocks, even as investors continued to wrestle with concerns over stubborn inflation and economic slowdown.

The blue-chip FTSE 100 was up 0.7% at 0706 GMT, tracking an overnight relief rally on Wall Street as it reversed part of its initial sell-off on Thursday.

The benchmark index lost 1.4% so far this week. The domestically focussed mid-cap index advanced 0.8%, but was still set for its sixth straight weekly decline.

London stocks slide as China growth dent global risk appetite

Oil majors BP and Shell climbed 1.8% and 1%, respectively, tracking a recovery in oil prices as worries over China’s COVID lockdowns slowing global growth offset concerns about dwindling fuel supplies from Russia, the world’s second-largest oil exporter.

Banks gained 1.8%, recouping most of their previous session’s losses.

In company news, Sage Group rose 3% as the software company met market estimates and said its margin was expected to trend higher in the second half and beyond.