LONDON (ShareCast) - The share price recovery of New Star Asset Management continues after the asset manager’s well received results last week. The shares are up by around 13% on the week but are still a quarter of a level they were this time last year, following a tough year in which it cut its final dividend in order to “maintain its financial position".

New Star posted 2007 results in line with expectations but said current trading patterns have confirmed its belief that the first half of 2008 will see a net outflow of assets. However, investors drew heart from the management’s assertion that although the trading environment remains challenging there are early signs that conditions have stopped deteriorating.

In particular, the UK commercial property market, which endured a torrid second half of 2007, has started the year in healthier form at the prime end of the market where New Star’s UK property fund invests.

Profit-takers seem to have a hold over JKX Oil & Gas, as the oil producer slides despite announcing a strong set of figures for 2007 last week.

The company reported oil and gas revenues up by 39% to $181.9m, reflecting production increases, an 11% rise in average oil realisations and a 40% hike in domestic Ukrainian gas prices.

Profit before tax was up just 4% to $113.3m, but rose by 37% to $131m excluding $17.7m of impaired and written off exploration costs in 2007.

Meanwhile, average daily production from the group’s core Ukrainian production licences rising increased by 13% to 12,579 barrels of oil equivalent per day.

The final dividend of 2.4p per share took the full year payout to 4.4p, up from 2.2p a year ago.


FTSE 250 - Risers
Savills (SVS) 367.50p +13.78%
Ashtead Group (AHT) 59.50p +13.33%
New Star Asset Management Group (NSAM) 102.25p +12.05%
Bovis Homes Group (BVS) 585.50p +11.84%
DSG International (DSGI) 65.00p +11.59%
Henderson Group (HGI) 105.00p +11.11%
Filtrona PLC (FLTR) 168.00p +9.80%
Keller Group (KLR) 704.00p +9.66%
CSR (CSR) 330.50p +9.62%
Regus Group (RGU) 92.25p +9.17%

FTSE 250 - Fallers
Wellstream Holdings (WSM) 1,225.00p -1.53%
JKX Oil & Gas (JKX) 422.25p -1.34%
Mouchel Group (MCHL) 448.50p -1.05%
Connaught (CNT) 358.75p -0.83%
Real Estate Opportunities (REO) 113.00p -0.66%
Telecity Group (TCY) 196.00p -0.25%
3i Infrastructure (3IN) 108.75p -0.23%
Northumbrian Water Group (NWG) 346.50p -0.14%
Jardine Lloyd Thompson Group (JLT) 378.50p -0.07%
Alfred McAlpine (MCA) 547.50p 0.00%

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