Wednesday preview: Tullow Oil, LSE, M&S

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Date: Tuesday 08 Jul 2008

LONDON (ShareCast) - The surge in oil and gas prices has contributed to the strong share price performance of Tullow Oil this year, though what the company termed “exceptional exploration and appraisal results in Ghana and Uganda” have also played their part.

The company is due to update the market on current trading, having said back in May that production this year has been in line with expectations.

Investment houses Morgan Stanley and Deutsche Bank are both fans of the stock. Morgan Stanley has an “overweight” rating on Tullow and a price target of 1,230p while Deutsche, which believes Tullow could become a takeover target, has the stock on its conviction buy list.

London Stock Exchange shares have taken a bashing of late on increased competition fears and concerns that the exchange is losing out to rivals in collaboration deals with bourses in the Middle East.

Last month Qatar’s stock market brought the New York Stock Exchange in as a partner on a new integrated cash and derivatives market.

The London exchange publishes an update on revenues on Wednesday.

Around a quarter of Marks & Spencer's institutional investors are expected to abstain or even vote against the re-election to the board of company boss Sir Stuart Rose.

It is not Rose’s management abilities that the dissident shareholders are questioning; the votes against Rose’s appointment will be in protest at the combination of the dual roles of chairman and chief executive, a practice that contravenes corporate governance guidelines.

Though there is little doubt that Rose’s power grab will be rubber-stamped, the AGM could prove a torrid time for him and his fellow directors, with rumours of a sizeable revolt against the new executive incentive plans too.


Wednesday July 09

INTERIM EX-DIVIDEND DATE
Alternative Networks, Chrysalis VCT, Dewhurst, Dunedin Smaller Cos Inv Tst, Electronic Data Processing, Fountains, Lonmin, Pressure Technologies

FINALS
Avocet Mining, Begbies Traynor, DTZ Holdings, Intelek, Litcomp

AGMs
3i Group, Big Yellow Group, Booker Group, Business Post, Investec High Income Trust, London Stock Exchange Group, Marks & Spencer, Perpetual Income & Growth Inv Trust, Summit Corporation, SVM UK Active Fund, Telecom Plus, Zentiva

TRADING ANNOUNCEMENTS
Interserve, London Stock Exchange, Tullow Oil

UK ECONOMIC ANNOUNCEMENTS
BRC Shop Price Index (10:30), May Balance of Trade

FINAL DIVIDEND PAYMENT DATE
Liontrust Asset Managament, Restaurant Group

FINAL EX-DIVIDEND DATE
Babcock International Group, British Smaller Companies VCT, Carphone Warehouse Group, Charles Stanley, Chloride Group, Cyril Sweett, De La Rue, Detica Group, Direct Wonen, Downing Protected VCT II, Downing Protected VCT III, Downing Protected VCT VI, Downing Protected VCT VII, Electronic Data Processing, Elektron, GB Group, Hornby, Invesco Asia Trust, Invocas, JJB Sports, Monks Investment Trust, Pennine AIM VCT 5, SABMiller, Shanks Group, Telecom Plus, Wincanton, Workspace Group

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