The Australian share market remained relatively flat this morning despite a negative lead from Wall Street overnight.

By midday, both major indices - the S&P/ASX200 index and the All Ordinaries - had slipped by just one point.

In the US, Wall Street re-opened to a nervous day of trading on Monday, as investors feared that further banking losses may be unveiled in second quarter reporting.

The Dow Jones Industrial Average closed down 56 points, while the Nasdaq composite slipped two.

In Asian trading Japan’s Nikkei was down 238 points at midday today, while Hong Kong’s Hang Seng fell 240.

Back on the ASX, shares in troubled asset manager Allco Finance Group rose more than 13 per cent this morning following the announcement that it has sold a portion of its Singaporean real estate arm for $180 million.

In a statement Allco said it had sold a 17.7 per cent interest in its commercial real estate investment trust, and 100 per cent of the trust’s manager, to Singapore’s Frasers Centrepoint. Allco said the deal would generate proceeds in excess of $90 million, which would be used to further reduce the company’s senior debt.

In other news, Australia’s biggest property developer Lend Lease announced today that its UK consortium Catalyst Lend Lease has reached financial close on a $130 million school building programme in England.

Lend Lease said the latest phase of its UK schools programme would see the construction of two high schools, through a 27-year private finance agreement. Separately, Lend Lease also announced that it had signed an agreement with the US Army for the first phase of a $418m project to privatize hotels at military bases.

Finally, in economic news today, business confidence in Australia fell to a seven-year low in June, according to a survey released today by the National Australia Bank.

The NAB business survey showed business confidence in June fell five points to hit its lowest level since September 2001, while overall business conditions dropped seven points on falling profits and sales. NAB said the survey indicated a broad-based slowdown in domestic activity.

In individual share price movements on the ASX earlier today resource stocks were mixed at midday. BHP Billiton was up 24 cents, Fortescue Metals fell eight, Rio Tinto added 74 cents while Woodside Petroleum lost 21.

Financial stocks were largely negative this morning. ANZ was down 15 cents at noon, Commonwealth Bank was the exception adding 35, National Australia Bank fell 25 cents, while Westpac lost three.

Other blue chips were mixed. AMP was up eight cents at midday, News Corp fell 32, Telstra gained three cents, while Woolworths added 36 cents.