SYDNEY, AAP – An otherwise buoyant Australian share market has been let down by its two biggest categories, mining and banks.

Most industry categories were higher on Wednesday except for miners and banks. The miners fell victim to a decline in the iron ore price.

The benchmark S&P/ASX200 index closed lower by 8.2 points, or 0.11 per cent, to 7272.5.

The All Ordinaries closed down 3.7 points, or 0.05 per cent, to 7571.9.

The Australian dollar was buying 73.41 US cents at 1621 AEDT, lower from 73.54 US cents at Tuesday’s close.