FTSE100 put in an upbeat performance Tuesday, closing up 116 points, or 1.72% at 6,824.
It comes after the UK benchmark closed over 100 points down yesterday as investors took flight on the escalating crisis in Ukraine.
Tensions and investor sentiment was eased as Russian President Vladimir Putin said there was no immediate need to send troops to Ukraine.
In his first public remarks since the ouster of former Ukraine President Viktor Yanukovych last month, Putin said he’d only send soldiers to the country in an extreme case, but he did say Russia had the right to use "all means" to protect citizens in the east of the country.
The biggest gainer was equipment hire firm Ashtead (LON:AHT), which rose 11.5% after it revealed a 51% jump in profits during the third quarter to the end of January.
Coca-Cola (LON:CCH), up 5.34% and advertising group WPP (LON:WPP), up 2.79%, were also in the frame.
William Hill (LON:WMH), up 4.9%, was fancied by investors despite Irish rival Paddy Power’s (LON:PAP) financials for 2013 being squeezed by what it termed an “exceptional run of punter-friendly sports results”.
The biggest losers were Mexican miner Fresnillo (LON:FRES) and Randgold Resources (LON:RRS)
Glencore-Xstrata (LON:GLEN) shares edged up almost 2% as the diversified mining and commodity trading group reported better-than-expected full-year results and was upbeat on the demand outlook for its key commodities this year.
In the junior space, FTSE AIM All share rose 6.19 to stand at 888.56, while FTSE AIM 100 added 27.59 to stand at 4054.26.
The standout performer was uranium explorer and mine developer Forte (LON:FTE), which climbed nearly 19%, whilst Uranium Resources (LON:URA) was up a similar margin.
Elsewhere, Rose Petroleum (LON:ROSE) surged 10% after it agreed a joint venture for its legacy copper assets, which will see Toronto-listed Lowell Copper (CVE:LCL) fund exploration work.
Lowell will initially earn a 25% stake in the TC porphyry copper project in return for spending US$250,000 on exploration.
Permitting for a drill programme is underway, and it is planned to start in the second or third quarter.
Elsewhere, fast-growing Action Hotels (LON:AHCG) has completed its first development in collaboration with the giant InterContinental Hotels Group (IHG) following the successful opening of the Holiday Inn Muscat Al Seeb in Oman.
The collaboration is the pair’s first in the Middle East and will be followed by the Staybridge Suites Rawdath Abu Dhabi next year.
Shares gained 1.72% to stand at 73.75p each. Among the other gainers was Alecto Minerals (LON:ALO), which added over 7%.
Cloudbuy (LON:CBUY) added 3.76% after the e-procurement firm was awarded a contract by Staffordshire County Council, providing cheaper health and social care for its residents.
The Care Marketplace resembles Amazon or Tesco Online, allowing users to buy healthcare goods and services online and saving them money in the process.
The value of the contract was not disclosed.
Paragon Diamonds (LON:PRG) was also wanted Tuesday, with shares up nearly 12%.
Also, we are hearing some encouraging whispers about ISDX listed mining exploration group All Star Minerals.
All Star, which is understood to be targeting an AIM listing, recently acquired The Big One, a copper project in north-west Queensland.
It is understood to be a low-cost into production opportunity that could prove a significant cash flow generator.
Our sources say the group may be looking to add a second project to the portfolio with similar hallmarks.
Chairman Tomas Nugent, meanwhile, is said to be close to securing financing for the projects.
All Star’s board includes Oracle Coalfields co-founder Conrad Windham and former footballer James Featherstone.