Australian benchmark posts biggest quarterly gain

Australian shares steadied on Friday as the benchmark recorded its biggest quarterly gain in 2-1/2 years, supported by consumer staples and mining stocks. The benchmark index rose 6.9 percent for the quarter, its biggest gain since the third quarter of 2009, and analysts predicted there was still room to gain more ground.
Australia's leading share index is expected to end the year with a 16 percent gain, with momentum gathering pace in the second half on hopes for a resolution of Europe's debt woes, a US recovery and a soft landing for China, a Reuters poll of market analysts showed on Thursday.
The S&P/ASX 200 index was down a touch late in trade, slipping 0.06 percent to 4,335.2, according the latest available data. The index gained 1.5 percent for the week. New Zealand's benchmark NZX 50 index ended 14.1 points higher at 3,509.5.