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Why these 4 ASX shares stormed higher today

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.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Crown Resorts Limited. The Motley Fool Australia has recommended Sky City Entertainment Group Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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