Wednesday preview: M&S, Tullow Oil, UK trade

7th Jul 2009 17:24

After board members of supermarket chain Tesco got a bit of a shock last week at the company's AGM when more than 40% of investors voted against changes to Tesco's share option scheme, it could be the turn of management at food and clothing retailer Marks & Spencer to face the wrath of its shareholders, when the company holds its Annual General meeting on Wednesday.Sir Stuart Rose's elevation to the dual role of chairman and chief executive caused controversy when it took place in early 2008 but a revolt against the decision at last year's AGM failed to garner much support. Since then shareholders across the corporate spectrum have been getting more bolshy, spurred on by public outrage at the remuneration enjoyed by floundering bank bosses.A special resolution has been put forward this year by the Local Authority Pension Fund Forum calling for the M&S board to appoint an independent chairman by July 2010, which would be a year earlier than planned. A new chief executive officer is due to be appointed next year.Shareholders may be inclined to cut Rose some slack, however, after the company's recent trading update, in which UK like for like sales fell 1.4% in the 13 weeks to June, a figure that was not as bad as expected.Irish oil explorer Tullow Oil's share price is down by almost 9% over the last month as investors take profits following a strong run, spurred by a succession of oil finds in Uganda and Ghana. It gives a trading update on Wednesday which will give it an opportunity to remind investors of the potential in its African discoveries. UK trade figures for May are expected to show a narrowing trade deficit. Howard Archer, Chief European & UK Economist at HIS Global Insight, is predicting a total trade deficit of £2.6bn, compared to a deficit of £3bn in April, as the weakness of sterling begins to have its effect on exports.QUARTERLY EX-DIVIDEND DATEBritish Land Co, Henderson Global Property Companies Ltd., Investors Capital Trust 'A' Shares, Investors Capital Trust 'B' Shares, Schroder Income Growth FundFINALSInvista Foundation Property Trust, Metic GroupAGMS3i, Booker Group, Capital Gearing Trust, Capital Gearing Trust, Marks & Spencer, Norcon, PayPoint, Perpetual Income & Growth Inv Trust, Telecom PlusTRADING STATEMENT Tullow Oil, CarillionUK ECONOMIC ANNOUNCEMENTSBRC Shop Price Index (10:30)Nationwide Consumer Confidence (00:01)NIESR GDP estimate (00:01)INTERNATIONAL ECONOMIC ANNOUNCEMENTSMBA Mortgage Applications (US) (12:00)Consumer Credit (US) (20:00)GDP (EC) (10:00)Household Consumption (EC) (10:00)Government Spending (EC) (10:00)Industrial Production (GER) (11:00)Machines Orders (JPN) Current Account (JPN)Bankruptcies (JPN)FINAL DIVIDEND PAYMENT DATEK3 Business Technology Group, Restaurant Group, Staffline RecruitmentFINAL EX-DIVIDEND DATEAlbion Protected VCT, Babcock International Group, Blue Planet Financials & Income Inv Trust, British Smaller Companies VCT, Caledonia Investments, Carphone Warehouse Group, Chloride Group, De La Rue, Downing Protected VCT VI, Downing Protected VCT VII, F&C Commercial Property Trust Ltd., Glasgow Income Trust, Hyder Consulting, Mitie Group, Monks Inv Trust, New Century AIM VCT 2, Rensburg AIM VCT, Tawa, Telecom Plus, Vedanta Resources, VT Group, Wincanton