Star Entertainment rallies as JP Morgan buys up shares

The news: Star Entertainment was one of the best performers across the ASX 200 after JP Morgan hiked its holding in the casino operator late Friday.

The numbers: Star shares were 2.1% to 12.3 cents by 12:20pm AEDT, having shed around 35% over the last month, and nearly 80% over the past year.

The gambling company confirmed that JP Morgan increased its voting power in the group by 6.34% to 7.41%, taking its shareholding from around 182 million to nearly 213 million.

The context: The embattled casino operator, which saw its share price rally last week after confirming the sale of The Star Event Centre, noted that its constitution contains restrictions prohibiting an individual from having a voting power of more than 10% in the company.