Banks drag back early gains as local shares edge higher

Early gains on hopes on a more measured tariff round were wiped as bank stocks sold off. (Steven Markham/AAP PHOTOS)

The Australian share market had a volatile session, swinging high early but losing most of the gains by the close as banks dragged on the bourse.

The S&P/ASX200 closed 5.6 points higher, or 0.07 per cent, to 7942.5, while the All Ordinaries finished 8.8 points higher, or 0.11 per cent, to 8166.7.