The Australian share market has dipped modestly for a second day as oil prices slid, even as a surging trade surplus bolstered the mining sector.

The S&P/ASX200 benchmark index finished Thursday down 20.4 points, or 0.38 per cent, to 5,364.2, while the All Ordinaries index was down 14.9 points, or 0.27 per cent, at 5,449.9.

One Australian dollar was buying 64.44 US cents, down from 64.45 US cents on Wednesday’s close.