Australian shares edge lower as big banks weigh

The ASX has closed lower on Thursday, weighed down by losses from the big banks. (Steven Saphore/AAP PHOTOS)

The Australian share market has finished slightly lower as losses by the big banks outweigh gains by the iron ore giants.

The benchmark S&P/ASX200 index on Thursday finished 15.8 points, or 0.2 per cent, at 7,713.6 while the broader All Ordinaries dropped 15.5 points, or 0.19 per cent, at 7,974.0.