The Australian share market has made a modest gain, but more negative fallout from "Brexit" is expected.

Investors wipe $56 billion off the Australian share market on concerns about the economic fallout after Britain voted to leave the European Union.

The share market ended the session steady as gains by Rio Tinto and Macquarie Group were offset by retail weakness.

The Australian share market has risen modestly as investors exercise caution ahead of Britian's "Brexit" poll.

The Australian share market had enjoyed one of its best days of the year as fears of Brtian leaving the European Union eased.

Concerns about US interest rates and the Brexit led to a $27 billion fall on the Australian share market on Tuesday.