3 FTSE Shares Hitting New Highs


LONDON -- The FTSE 100 (INDEX: ^FTSE) looks to be ending the week very close to its 12-month high of 5,989. In fact, at 5,913 as I write, down just four points on the day, it's only 76 short. Will the index of top U.K. shares hit a new high next week? We'll see.

What drives the FTSE upward, of course, is the performance of individual shares, and many are hitting new highs every day. Here are three that are soaring.

Balfour Beatty (ISE: BBY.L)
Shares in infrastructure and construction firm Balfour Beatty had dropped back a little recently, but they're powering back up again, briefly hitting a new 52-week high of 317.8 pence today.

The whole sector has seen a strong recovery over the past year, and Balfour Beatty is still looking pretty cheap based on full-year forecasts. There's a 5% dividend yield expected from the shares, which trade on a forward price-to-earnings ratio of less than nine.

Rentokil Initial (ISE: RTO.L)
Rentokil Initial is also approaching a new high today, reaching 89.5 pence. This is another company that has been recovering well this year, although its forecasts aren't quite as strong as some. There is only a 2.4% dividend expected, which is a fair bit less than the firm was paying back before its slump. But at least the price is headed in the right direction.

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Rank Group (ISE: RNK.L)
Rank Group, the bingo and gaming operator, regained its year-high of 154 pence today before dropping back a penny to 153 pence. Rank has benefited from a very strong few months of late, with the share price having soared from about 116 pence in mid-July for a 33% gain.

With discretionary spending on the rise again, this could be a nice sector to invest in for the next few years.

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The article 3 FTSE Shares Hitting New Highs originally appeared on Fool.com.

Alan Oscroft does not own any shares mentioned in this article. The Motley Fool has adisclosure policy. We Fools may not all hold the same opinions, but we all believe thatconsidering a diverse range of insightsmakes us better investors.

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