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Jupiter Energy has begun its trail production from the J-50 and J-52 wells, where the initial combined production rate is expected to be 600 barrels of oil per day. The company has signed contracts with two oil traders to buy Jupiter's produced oil at $400 per tonne, equivalent to $58 per barrel. Initial production of 6,000 tonnes has been sold on a 100% pre-paid basis, the firm said. $1.2m has been received already, with the same amount due the week beginning Monday 30th.

Of all the Q1 updates worth noting, cigarette giant Imperial Tobacco (IMT) still looks in good shape in the wake of the update at the end of March where it forecast that first half reported tobacco net revenues (at constant exchange rates) are expected to increase by around 3%. Stick equivalent volumes are expected to decline by around 4% compared with a 7% year-on-year fall in stick equivalent volumes in the 3-months to the end of December, and a 1% fall in net revenues. This may not sound like something to set the stock market on fire, but in the current jittery macro economic climate Imperial is likely to be offering enough to live up to the defensive reputation its sector is known for.

Argos owner Home Retail Group (HOME) has had its position challenged by the online discounters especially U.S. giant Amazon (AMZN), so unsurprisingly the group has recently hired U.S. retail industry veteran John Walden in an attempt by the company, (which also owns Homebase) to turn itself around. He came on board in March so it may be a tad early for any positive effects, but at least there was some comfort for shareholders in March as the company predicted 2011/2012 results would be in line with expectations.

It feels like another era when mobile phones retailer Carphone Warehouse (CPW) did brisk enough business to raise profits guidance in May last year. Since then despite the latest iPhone / iPad releases the going has been less than easy, with its Best Buy UK venture suffering losses, although cash was returned to shareholders after the business was reorganised in November. For 2012 to date the group have reiterated guidance even though the Pay-as-you go market remains weak, offset by solid growth for products other than mobile phones.

Trade Summary Dream Scenario: The market re rates BHP Billiton shares now the share price has fully factored in the adverse fundamentals.

Nightmare Scenario: Industrial action continues to impact on sentiment and production levels.

Shares in Billiton have delivered a sharp bear trap low from below 1,850p this month, something that suggests a lasting floor may be in place for the miner. Indeed, while there is no fresh weakness back below this month's support line at 1,880p, we see upside towards the former March 2,050p resistance level.

On April 18th, mining giant BHP Billiton said that bad weather hit iron ore production while strikes blighted coal output in the first quarter of 2012, but two of its high value, export orientated energy coal operations set new production records. Iron ore production in the first quarter of 2012 totalled 37.9m tonnes, down 8% on the preceding quarter, as cyclone activity took its toll. Metallurgical coal output fell 14% from the previous quarter to 7.3m tonnes, as a result of industrial action and heavy rainfall in Queensland, Australia, during the quarter. According to BHP Billiton the extent to which industrial action will continue to affect production, sales and unit costs is difficult to predict. However the impact on future quarters may be significant.

Positive Points •Both profit and revenues have again matched stretching forecasts. •Management outlook comments noted its expectation that 'dollar revenues for the full year 2012 should prove at least in line with current market expectations'. •A progressive dividend policy continues to be followed. Management previously announced a 20% increase in the final dividend payment. •The company enjoys diversity in both the products in which its designed chips are used and the geographical footprint of its customers. •Microsoft previously announced that it was well advanced in developing its Windows operating system for ARM processors, a move which would leave ARM better placed to challenge Intel in the PC market. •ARM's processors are used as the main central processing unit (CPU) in many mobile phones, handheld devices and GPS navigation systems, including those manufactured by Apple, HTC, Nokia, Sony Ericsson, Samsung and Nintendo.

Negative Points •Intel continues to try and compete against ARM, offering technology of a similar nature and attacking its core smartphone and tablet arena. •The high valuation is seen by some analysts as providing little scope for disappointment. •Net cash generation declined compared to that recorded in the first quarter of 2011. •Given valuation concerns, some scepticism towards previous takeover speculation has been voiced.

Financial highlights: •Total group revenue rose by 14% to £132.5 million. •Group pre-tax profit increased by 22% to £61.9 million. •Earnings per share rose by 23% to 3.36 pence per share.

First quarter results: The announcement again saw the company reporting solid progress. Financial metrics proved broadly in line with expectations, with growth again underwritten by demand for its low powered microchips in such devices as smartphones and tablet computers. 22 processor licenses were signed across all target end markets, with 1.1 billion chips shipped into mobile phones and mobile computers, similar to a year ago. 800 million chips were shipped into consumer and embedded digital devices, up 15% year-over-year. Furthermore, 8 Cortex™-A licenses were signed, including licenses for Atlas and Cortex-A15 for use in servers, underlining management's intent to attack Intel in its home market as Intel attacks its smartphone and tablet arena.

Founded in 1990, ARM is a leading global designer of microprocessor chips. The partner companies who adopt ARM technology pay an up-front licence fee to gain access to a design and also a royalty on every chip that uses the licensed design. A single licence is the starting point for many different ARM Powered® chip designs and in 2010, ARM partners shipped over six billion ARM Powered chips. Its designs are used in the majority of the world's mobile phones, along with a growing range of other digital electronic products. The group is headquartered in Cambridge in the UK and is a constituent of the FTSE-100 index.

Positive Points: •The group is currently forecasting another year of underlying revenue and profit growth, founded on organic investment and business portfolio adjustment. •For its LexisNexis Risk Solutions business, the board noted that "good underlying growth in insurance and business services is set to continue." •For its Exhibitions business, the group noted that "Q1 trends, with good growth in most annual shows, are expected to continue. The positive impact of biennial cycling in 2012 will be particularly apparent in the first half." •Management continues to assess its business portfolio, with unit sales and bolt-on acquisitions still being made. •A progressive dividend policy is being pursued. The board previously proposed a 6% rise in the full year 2011 dividend

Negative Points: •The outlook for a number of its divisions remains challenging. At LexisNexis Legal & Professional, the scope for short term underlying revenue growth or margin expansion remains limited given the current market environment. At Business Information, a unit sale will by dilutive, whilst good underlying growth in data services is expected to be offset by print advertising declines. •Reed Elsevier's client base is primarily businesses, many of whom continue to cut or restrain costs. •Competition within the sector remains intense. •The group would be exposed to any potential political change on funding of research papers or academic publishing.

First quarter trading update: Management comments proved to be broadly reassuring. Underlying growth rates had been consistent with 2011 full year trends, with 2012 on track to be another year of underlying revenue and profit growth. For its Elsevier business, subscription renewals progressed well in both Science & Technology and Health Sciences. At LexisNexis Risk Solutions, the insurance data & analytics business continued to perform strongly, while its Legal & Professional business saw marginally positive underlying revenue growth. The Exhibitions business had started the year well, with good growth in annual events in North America, Asia and Latin America, while at its Business Information division underlying growth in data services had been offset by print advertising declines.

Reed Elsevier is a leading provider of professional information solutions in the Science, Medical, Risk, Legal and Business sectors. The group came into existence in January 1993. The company is currently divided into five divisions: 1) Elsevier 2) LexisNexis Risk Solutions 3) LexisNexis Legal & Professional 4) Reed Exhibitions 5) Reed Business Information. Reed Elsevier Group plc is owned equally by two parent companies, Reed Elsevier PLC and Reed Elsevier NV. Their shares are traded on the London, Amsterdam and New York Stock Exchanges.

Positive Points: •The company stated that it has signed 42 new long term leases during this period that would yield annual rent around 10% above previous passing rent and in line with ERV (estimated rental value). •At Lakeside, Thurrock plans have been unveiled for a new leisure destination, in conjunction with proposed 325,000 sq. ft retail extension. •The company said it continues to make good progress with major plans for organic growth with a focus on creating a dynamic environment for shoppers and retailers.

Negative Points: •The firm said 3% of CSC's rent roll, 75 units, entered administration in the first quarter of 2012. •The U.K. economic environment remains challenging with consumer confidence and disposable incomes at extremely low levels. •British retailers have struggled as government austerity measures, rising prices and stagnant wages growth force shoppers to cut back on spending on non-essential items.

Financial Highlights: •CSC realised £49 million in March from a part disposal of its Equity One, a US Real Estate Investment Trust (REIT) shareholding. The proceeds are to be reinvested in the group's organic growth projects in the UK. •The group's remaining interest in Equity One is valued at around £140 million. •As at 31 March 2012, net debt stood at £3.3 billion.