In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to post a strong gain and is up almost 0.7% to 6,309.5 points.
Four shares that are climbing more than most today are listed below. Here's why they are storming higher:
The Alliance Aviation Services Ltd (ASX: AQZ) share price is up over 7% to $2.07 after the release of its full-year results. The aviation services company posted a profit before tax of $26.1 million, up 33% on the prior period. This was driven by a 35% increase in total flight hours to 34,512. Management made use of the positive trading conditions to pay down debt. It has reduced debt by $18.3 million to $53.4 million.
The Crown Resorts Ltd (ASX: CWN) share price is up 5% to $13.99 after the casino and resorts operator released its results and announced a $400 million share buyback. Crown had a strong year thanks largely to its Melbourne businesses which managed to offset a weak performance in Perth. For the 12 months ended June 30 the company reported an 8.4% increase in normalised revenue to $3,511.3 million and a 12.7% increase in normalised net profit after tax to $386.8 million.
The Magellan Financial Group Ltd (ASX: MFG) share price zoomed 14.5% higher to $27.66 after the fund manager reported profit after tax and before Magellan Global offer costs and non-cash amortisation of $268.9 million. This was an impressive 37% increase on the prior corresponding period and allowed management to grow its full-year dividend by 57% to 134.5 cents per share. Management also announced a new dividend policy which lifts its payout ratio to between 90% and 95%.
The Star Entertainment Group Ltd (ASX: SGR) share price has pushed 6% higher to $5.02 despite there being no news out of the casino and resorts operator. I suspect that the market expects Star to release a strong full-year result after both Crown Resorts and SKYCITY Entertainment Group Limited (ASX: SKC) reported positive results.
