ASX closes 3.6% higher as SportsBet launches markets gambling

The benchmark S&P/ASX200 (^AXJO) finished 3.58 per cent higher on Wednesday, while the broader All Ordinaries index (^AORD) also finished up 3.52 per cent.

The rebound came despite the Reserve Bank of Australia’s warning that Australia may enter a recession.

SportsBet today announced it would open betting on the final result of the ASX200 each day, with punters given the chance to gamble on whether it would finish in the green or the red, and the number of the final digit in the index’s score.

What happened at midday?

The ASX200 was up 3.27 per cent at 12pm AEDT, reaching 5,242.9 as it continued its trajectory upwards.

The All Ordinaries was also up 3.13 per cent at 5,270.8 points at midday.

What happened this morning?

The ASX200 lifted at the open on Wednesday, up as much as 2.46 per cent as it starts the second quarter in the green.

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At 10:22am AEDT, the index was 1.46 per cent higher at 5,151.0 points.

The All Ordinaries was also 1.65 per cent higher at 5,194.7 points.

The lift comes after the worst quarter for the benchmark in history, after shedding 24 per cent since the beginning of the year. Most (21.2 per cent) of that fall occurred over March, when the country began tightening restrictions on public movement to tackle the coronavirus pandemic.

What happened yesterday?

Wall Street suffered more losses overnight as the coronavirus pandemic continues to stoke economic fears.

The Dow Jones ended its worst quarterly performance since 1987 with a 410.32 point fall, or 1.84 per cent drop, to 21,917.16.

It was also the S&P 500's weakest quarter since 2008, even factoring in last week's surge on fresh government stimulus.

With AAP.

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