Why Alliance Aviation, Megaport, Netwealth, and Vulcan shares are storming higher

These ASX shares are having a stronger session than most on Thursday.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another strong gain. At the time of writing, the benchmark index is up 1.65% to 7,253.5 points.

Four ASX shares that are rising more than most today are listed below. Here's why they are storming higher:

Alliance Aviation Services Ltd (ASX: AQZ)

The Alliance Aviation share price is up 13% to $3.20. This morning, the airline operator upgraded its profit guidance for FY 2023. Thanks to an increase in contracted aircraft in service, the company has lifted its underlying net profit before tax guidance to $56.9 million. This compares to its previous guidance of $50 million and $55 million.

Megaport Ltd (ASX: MP1)

The Megaport share price is up a further 4% to $9.85. This interconnection services provider's shares have been on fire this week after it upgraded its guidance for FY 2023. Following today's gain, Megaport's shares are now up approximately 44% since this time last week. Pleasingly, UBS sees scope for more gains. It responded to the company's update by retaining its buy rating with an improved price target of $12.50.

Netwealth Group Ltd (ASX: NWL)

The Netwealth share price is up 6.5% to $14.63. Investors have been buying this investment platform provider's shares after it released its quarterly update. Netwealth's funds under administration (FUA) increased by $4.4 billion for the fourth quarter of FY 2023 to a record $70.3 billion. This comprises FUA net inflows of $3.2 billion and positive market movements of $1.2 billion.

Vulcan Energy Resources Ltd (ASX: VUL)

The Vulcan share price is up 4% to $4.49. This has been driven by news that the lithium developer has been given the approval to enter contract discussions to acquire an area of land for the construction of its integrated geothermal renewable energy and lithium extraction plant. The G-LEP construction is planned as part of Phase One of Vulcan's Zero Carbon Lithium Project in Germany.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Megaport and Netwealth Group. The Motley Fool Australia has positions in and has recommended Netwealth Group. The Motley Fool Australia has recommended Alliance Aviation Services and Megaport. 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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