MENU

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.

The ASX small cap up 285% with no sign of stopping...

One Australian company has developed a state of the art device that's revolutionizing hospitals all over the world. Even better, this device is so profitable that the company rakes in 90% margins. That's a lot of cash. So no wonder the stock's up 285% since 2008 - with no signs of stopping...

To discover the name and code, simply click the link below. You'll discover our expert's #1 medical technology pick... and you can decide for yourself whether to get invested today.

Click here to claim your free report.

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.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.