The index appeared to recover after oil prices stabilised and financial measures were put in place around the world to cope with the coronavirus outbreak. The bounce did come down slightly in the minutes after opening. By 9.15 am the FTSE 100 was up 142.25 at 5379.73.
Helping the increase on the London Stock Exchange BP Plc and Royal Dutch Shell Plc rose between six percent and seven percent, tracking higher oil prices.
Miners Rio Tinto, BHP group and Anglo American jumped more than 11 percent and were the biggest gainers on the main index.
Central banks from the US to Australia pumped liquidity into their financial systems and hopes of a US stimulus package helped the mood on Friday even as the virus outbreak infected almost 135,000 and killed more than 4,900 worldwide.
FSTE 100 bounces 3 PERCENT on opening after worst day since Black Monday (Image: GETTY)
On Thursday the FTSE 100 lost 10 percent of its value in one of the worst single-day falls since 1987.
The blue-chip FTSE 100 – which lists the 100 largest companies on the London Stock exchange – closed down 10.9 percent.
In the US, the Dow and S&P 500 were also hit by their worst day in 33 years.
Coronavirus: On Thursday the FTSE 100 lost 10 percent of its value (Image: PA)
Since January the FTSE 100 index value has decreased by 32 percent.
The Government has attempted to boost the economy in the budget through a £20 billion stimulus plan.
The Bank of England also slashed by base rate of interest by 50 points to 0.25 percent.
Coronavirus: The number of confirmed cases of Covid-19 around the world (Image: EXPRESS)
The financial strain was also felt in Europe as European markets plunged by 12 percent.
The drop comes despite measures by the European Central Bank to buy more bonds but the ECB stopped short of cutting interest rates.
The US ban on travel from Europe will come into force today.
US President Donald Trump announced the ban from the oval office on Wednesday.
Mr Trump said: “We are marshalling the full power of the federal Government and the private sector to protect American people.
“This is the most aggressive and comprehensive effort to confront a foreign virus in modern history.”