Update: A rebound for banks, energy and tech-related names on helped the FTSE 100 recoup its losses after a ‘rollercoaster’ week, with Scottish Mortgage Trust (SMT ) leading the way with a 6.8% leap to 802p after a mid-week slide.

It’s been a difficult and volatile year so far for the Baillie Gifford global flagship which has tumbled 38%, a decline that illustrates the pain for US technology and growth stocks. The shares closed on a wide 8% discount to asset value yesterday.

After a positive start on Wall Street, where the S&P 500 gained 2% and the Nasdaq tech index advanced 3.2%, the FTSE 100 extended its foray to 158 points, up 2.2% at 7,404. France and Germany made similar gains, with the Euro Stoxx 50 index up 2.3%.

‘It was another rollercoaster for US stocks yesterday but in the end the major indices closed flattish,’ said Markets.com analyst Neil Wilson, who added that was more a case of markets entering ‘oversold conditions’ rather than signs of a durable rally.

‘Asian markets came bouncing back overnight with the Nikkei rebounding by more than 2.5% and positive momentum has carried forward into the European session,’ said Victoria Scholar, an analyst at Interactive Investor.

Ocado (OCDO) rebounded after being one of the biggest fallers yesterday, with the loss-making grocery delivery company’s shares up 3.8% to 803p.

Oil prices have risen towards the end of the week, with global benchmark Brent crude up 3.7% today at over $110 per barrel, as concerns about demand due to a slowdown in China were offset by potentially dwindling supply from Russia. BP (BP) shares rose 3.5% to 414p.

Banks also rebounded, led by a 2.7% lift for Standard Chartered (STAN) to 580p.

There were few big fallers among UK blue chips, though educational publisher Pearson (PSON) slipped 3.1% to 731.8p.

The FTSE 250 also started to rebound also heavy losses earlier in the week. The mid-cap index traded up 2% to 19,862, helped by a 7.7% jump in the shares of private equity group Bridgepoint (BPT) to 275p.

Chrysalis (CHRY ), a Jupiter closed-end fund investing in fast-growing and mostly private companies, sped 9% to 133p after a halving of its shares this year left them 42% net asset value.

In other investment trust news, ScotGems (SGEN ), the £40m emerging markets smaller companies fund, rose a further 2% to 76p after the board’s announcement yesterday that it would call shareholders to vote on whether to continue the sub-scale underperformer following the decision of fund manager First Sentier Investors to resign in March. The shares rose 5% on Thursday, narrowing the wide share price discount to 18%.