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Why these 4 ASX shares are storming higher today

It has been another positive day of trade for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO), with almost all sectors posting gains. In afternoon trade the benchmark index is up 0.5% to 6,176.6 points.

Four shares that have climbed more than most today are listed below. Here’s why they have stormed higher:

The Bank of Queensland Limited (ASX: BOQ) share price is up almost 3% to $3.07 following the release of its full year results. Although the regional bank posted a 2% decline in cash earnings to $372 million, this was better than many analysts had expected. The Bank of Queensland board declared a fully franked final dividend of 38 cents per share.

The Collins Foods Ltd (ASX: CKF) share price has risen 5.5% to $6.45 after it announced that it has entered into a Development Agreement with Yum! Brands that will govern the roll-out of more than 50 new Taco Bell restaurants across multiple states in Australia between January 2019 and December 2021. Collins Foods opened its first Taco Bell restaurant in Brisbane in 2017 and the performance has been strong enough for the company to look at a nationwide expansion.

The Galaxy Resources Limited (ASX: GXY) share price has surged 4.5% higher to $2.80 despite there being no news out of the lithium miner. Galaxy isn’t the only lithium miner on the rise. A number of its peers are also posting strong gains again today on the back of no news. This could potentially be a sign that investor sentiment is shifting positively in the industry.

The Magellan Financial Group Ltd (ASX: MFG) share price has jumped 8% higher to $29.11 following the release of its latest funds under management update. One broker that liked what it saw was Credit Suisse. Its analysts have upgraded the fund manager’s shares to an outperform rating with an increased price target of $31.00.

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Motley Fool contributor James Mickleboro owns shares of Collins Foods Limited and Galaxy Resources Limited. The Motley Fool Australia has recommended Collins Foods Limited. 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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