The Australian share market has closed higher, recovering from sharp drops in early trade.

At the close on Friday, the benchmark S&P/ASX200 index was 9.2 points, or 0.17 per cent, higher at 5,458.1, while the broader All Ordinaries index was up 8.4 points, or 0.15 per cent, at 5,438.8.

On the ASX 24, the June share price index futures contract was nine points higher at 5,443, with 15,960 contracts traded.