Having struggled for direction all morning, the FTSE 100 index surged from its lunchtime lows to tack on 32 points or 0.45% to 7,164 by the close, led by cyclical stocks including media companies ITV (ITV) and WPP (WPP).
Gambling company Flutter Entertainment (FLTR) was the top FTSE performer, rallying 8% to £139.78 after it reported a better-than-expected trebling of first-half profit amid a bounce back in sports betting activity.
Flutter didn't declare a dividend and said its payout policy would be 'kept under review', with a medium-term leverage target of 1-2 times retained.
Accommodation giant Intercontinental Hotels (IHG) fell 0.6% to £47.05, having swung to a modest first-half profit, citing an improvement in demand, most evident in China.
Intercontinental Hotels, however, still refrained from declaring an interim dividend.
Wealth manager Abrdn (ABDN) fell 2.3% to 291p as it swung to a £113 million first-half profit, underpinned by higher fee revenue and lower impairments.
Abrdn left its interim dividend unchanged at 7.3p per share.
Rival wealth manager M&G (MNG) slipped 2.9% to 231.1p, having swung to a first-half loss due to movements in the market value of its assets, though its underlying performance improved.
M&G's adjusted pre-tax operating profit rose 6% to £327 million after positive market movements and net institutional inflows offset net retail outflows. It declared an interim dividend of 6.1p per share.
Hedge-fund manager Man Group (EMG) firmed 2.4% to 214p on announcing that it would commence a $100 million buyback.
The programme would run from 10 August to 9 August 2022.
Luxury watches and jewellery retailer Watches of Switzerland (WOSG) ticked 3.3% higher to £10.58 on announcing that its first-quarter revenue had almost doubled, putting it on track to meet its annual guidance.
Watches of Switzerland's revenue for the three months through June had jumped 96% year-on-year to £297.5 million.
Companies investor Witan Investment Trust (WTAN) added 0.4% to 248p after it posted a positive first-half performance that beat its benchmark and lifted its dividend.
Witan declared a second interim quarterly dividend of 1.36p per share, brining first-half dividends 2.72p, up from 2.68p year-on-year.
Safety products investor Marlowe (MRL:AIM) gained 8.5% to 816p on news that it had decided to no longer pursue an acquisition of document management group Restore (RST:AIM).
Restore last month rejected a £743 million cash and share offer by Marlow worth 530p per share, including 71p cash, claiming it was too low. Restore reversed 2.8% to 490p.
Auto dealer Marshall Motor (MMH:AIM) revved 0.8% higher to 246p, having swung to a first-half profit and reinstated its dividend at 8.86p per share after demand bounced back as lockdowns eased.
Marshall Motor forecast a potentially tougher second half, however, citing vehicle supply problems.
