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Volatility is the watchword in oil and gas markets, so shareholders in BP (BP.) will be thankful for the energy group鈥檚 midstream trading activities over the first quarter (Q1) of 2026. The wholesale marketing of crude or refined petroleum can offset any potential downside when prices are in flux, but management described Q1 crude trading as 鈥渆xceptional鈥�.

The update, produced ahead of the formal Q1 release later in the month, revealed that overall production would be broadly flat compared with the fourth quarter of 2025, with improved gas output offset by a small decline in oil production. Anticipated prices will be difficult to nail down the longer the troubles in the Strait of Hormuz persist, but the group points to Brent crude at an average $81.13 (拢60.4) a barrel through the quarter, up from $63.73 in the final quarter of 2025.

Beyond the upsurge in crude prices, much of which isn鈥檛 fully apparent in the Q1 figures because of the lagged nature of pricing, the group鈥檚 forward earnings should find support from improved refining margins. BP鈥檚 trading operations, however, did see instantaneous benefits as the industry looked to secure alternate supply options.

Net debt at the end of Q1 is expected to be in the range of $25-27bn, an increase over the exit rate in 2025 and attributable to significant working capital build. There鈥檚 always a seasonal element in working capital and capex demands, but it wouldn鈥檛 be unreasonable to expect that the rise in crude prices (and associated cash flows) will eventually enable BP to retrench borrowings to a significant degree 鈥� a management priority based on previous statements.

PageGroup (PAGE) reported a 4.9 decline in group gross profit in the first quarter of the year, with growth in the US and Asia Pacific more than offset by difficult conditions in the UK and the Europe, Middle East and Africa (Emea) region.

The recruiter continues to face weak client and candidate confidence. Gross profit in Emea, responsible for more than half its fees, fell 9.2 per cent, while the UK slumped 11.4 per cent. Asia Pacific and the Americas, now 35 per cent of the group鈥檚 sales, grew 9.3 per cent and 1.1 per cent, respectively.

Chief executive Nicholas Kirk said trading was starting to show 鈥渟igns of normalisation鈥� in some markets, but rising geopolitical and macroeconomic risks from the Middle East conflict have created a 鈥渉eightened degree of uncertainty鈥� for the rest of the year.

Permanent recruitment fell 3.7 per cent, outperforming temporary contracting, which was down 7.8 per cent. Management explained that was due to the growth in the US and Asia, which are predominantly permanent recruitment markets.

PageGroup swung from a net cash balance of 拢31mn at the end of 2025 to a net debt position of 拢7mn by the end of March this year, reflecting the usual seasonal payment of annual and quarterly bonuses. However, this was also down from a 拢54mn net cash position a year earlier.

Shares in Imperial Brands (IMB) slumped 5 per cent after the tobacco major said it had lost market share in key regions, despite growing profits.

The US, Germany, Spain, Australia and the UK represent more than two thirds of Imperial鈥檚 operating profit from tobacco, but in line with wider industry trends, the company said that cigarette volumes declined over the first half.

Despite this, adjusted operating profit is expected to be slightly higher year-on-year thanks to solid pricing and a single-digit percentage rise in sales of 鈥榥ext generation products鈥� such as nicotine pouches and vapes.

Imperial stuck to its guidance of low-single-digit revenue growth in tobacco, and double-digit growth in next generation products for 2026. The group also expects operating profit growth of 3 to 5 per cent.

The company said it has seen 鈥渘o material business impact鈥� from conflict in the Middle East so far. Interim results are expected on 12 May.

Shares in Amcomri (AMCO) slid 7 per cent after the engineering group warned the conflict in the Middle East was affecting energy costs and supply chains. Although trading in 2026 had 鈥渟tarted well鈥� and was 鈥渋n line with expectations鈥�, fears of a higher cost burden triggered a sell-off in shares that have almost trebled in value over the past 12 months.

Pre-tax profit for 2025 more than doubled to 拢4.1mn on the back of a 22 per cent increase in revenue to 拢70.9mn through acquisitions but an increased share count meant earnings per share rose by a more modest 20 per cent to 4.2p.

Broker Cavendish forecast a 30 per cent increase in adjusted EPS this year.