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

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