The Australian share market has closed slightly lower despite a strong quarterly profit result by market heavyweight the Commonwealth Bank.

At the close on Wednesday, the benchmark S&P/ASX200 index was 2.0 points, or 0.04 per cent, lower at 5,517.9, while the broader All Ordinaries index was down 5.4 points, or 0.1 per cent, at 5,492.8, according to preliminary figures.

On the ASX 24, the December share price index futures contract was seven points lower at 5,500, with 22,848 contracts traded.