News Corporation investors have shrugged off a UK parliamentary inquiry which found chairman and chief executive Rupert Murdoch was “not a fit person” to run a major international company.

The report into the phone hacking scandal, released overnight (AEST) said Mr Murdoch showed “wilful blindness” to what was taking place at his now-defunct News of the World Sunday tabloid.

It was far stronger in tone that what some had been expecting, although Conservative Party members of the committee declined to endorse the report and called it partisan.

Investors looked past the the report’s release, however, sending News Corp stock to fresh one-year highs.

At 1522 AEST, News Corp had gained 1.23 per cent, or 23.5 cents, to $19.385, while the company’s non-voting scrip had advanced 0.95 per cent, or 18 cents, to $19.07.

Since it hit a low of $13.76 in August 2011, News Corp’s voting stock has climbed about 39 per cent.

“The market has more or less dismissed what is going on with all the hoo ha in England,” Lonsec senior client adviser Michael Heffernan said.

“It is just not taking any notice.”

In a statement, News Corporation said it was carefully reviewing the report and would respond shortly.

IG Markets institutional dealer Chris Weston said the strong gains posted by News Corp shares had more to do with positive news about the US economy and a rising US dollar.

The hacking scandal was “well discounted into the stock”.

“People are more concerned about how the economy is tracking and what the implications are for advertising,” Mr Weston said.

“The comments that Murdoch is unfit to govern a global company, they are not nice comments to have against anyone to be honest, but what we are seeing here is old news.”

The phone hacking revelations have caught the attention of the UK’s communications regulator Ofcom, which was considering whether News Corp was fit and proper to hold a broadcasting license.

News Corp owns 39 per cent of UK pay-tv provider British Sky Broadcasting (BSkyB).