The Australian share market opened flat this morning as US markets closed overnight to celebrate Independence Day and European markets were down as investors await interest rate decisions from the European Central Bank.

The S&P/ASX 200 index is 4 points down at 4,168. On the futures market the SPI is 7 points lower.

Company news

BlueScope Steel Limited (ASX:BSL) will pay the Australian Tax Office (ATO) $21.2 million as a part-payment to an ongoing dispute. The steel maker says the amount will be refunded if its appeal against the ATO is successful. The dispute surrounds sale and leaseback transactions in the 2007 financial year. Shares in BlueScope are trading down 3.08 per cent at $0.32.

Vocus Communications Limited (ASX:VOC) is looking to raise a further $7.5 million via a share purchase plan as the company strives for further growth and working capital. The issue price per Vocus share will be $1.63. The telecommunications company successfully completed a $15 million raising via institutional investors yesterday. Shares in Vocus are trading down 7.77 per cent at $1.78.

Best and worst performers

The best performing sector is Health Care gaining 109 points to 9,209. Shares in Ramsay Health Care Limited (ASX:RHC) have risen 1.9 per cent and trading at $23.07 Shares in CSL and ResMed are also stronger.

The worst performing sector is Real Estate Investment Trusts, falling 5 points to 884. Shares in Stockland (ASX:SGP) have fallen 1.26 per cent and trading at $3.13. Shares in Mirvac Group and Dexus Property Group are also lower.

Gold and the dollar

Gold is trading at $US1,617an ounce
The Australian dollar is buying $US1.027.