We describe here results of a photometric time-sequence survey of the globular cluster M3 (NGC 5272), in a search for contact and detached eclipsing binary stars. We have discovered only one likely eclipsing binary and one SX Phe type star in spite of monitoring 4077 stars with $V<20.0$ and observing 25 blue stragglers. The newly identified SX Phe star, V237, shows a light curve with a variable amplitude. Variable V238 shows variability either with a period of 0.49 d or with a period of 0.25 d. On the cluster colour-magnitude diagram, the variable occupies a position a few hundredths of magnitude to the blue of the base of the red giant branch. V238 is a likely descendent of a binary blue straggler. As a side result we obtained high quality data for 42 of the previously known RR Lyrae variables, including 33 of Bailey type ab, 7 type c and 2 double-mode pulsators. We used equations that relate the physical properties of RRc stars to their pulsation periods and Fourier parameters to derive masses, luminosities, temperatures and helium parameters for five of the RRc stars. One of the RRd stars (V79) has switched modes. In previous studies, it was classified as RRab, but our observations show that it is an RRd star with the first overtone mode dominating. This indicates blueward evolution on the horizontal branch.

21 pages including 14 figures, Latex, requires mn.sty, psfig.sty. Submitted, MNRAS