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The U.K.’s FTSE 100 has rallied back from the post-Brexit market crisis for the second day, rising 3.6 per cent to 6360 and claiming back all of its losses and more since the U.K. voted to leave the European Union last week.

“The contrarian nature of markets has never been more apparent than in the past few days,” said Chris Beauchamp, a senior market analyst at IG. “We could all understand the selloff seen on Friday and then again at the beginning of this week, but the storming rally on the FTSE 100, which has seen the index rally over 7% from Monday’s low, is much harder to explain, other than via the usual combination of short-covering and bargain hunting.”

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The U.K.’s mid-cap FTSE 250, which comprises mostly of domestic firms which have been hit harder by Brexit uncertainty, also made gains of 3.2 per cent, though it is still down about 8 per cent since last week’s vote.