3 FTSE 100 Shares Hitting New Highs
LONDON -- The FTSE 100 is breaking records yet again, having hit a new 52-week high of 6,172 points during today's session. As focus moves away from European gloom and toward stronger-than-expected Chinese economic growth, the FTSE 100 has enjoyed a run of 13 consecutive days closing above the 6,000 level and six days finishing above 6,100.
As the index is reaching new highs, so are a number of its constituents. Here are three achieving that feat today.
Legal & General
The insurance sector's recovery is going well, helping Legal & General shares to a new 52-week high of 152 pence today. Legal & General shares are now up more than 30% over the past 12 months, which isn't at all bad for a 9 billion pound FTSE 100 giant. But even after that rise, the shares are still on a price-to-earnings ratio of only 11 based on 2012 expectations, with a dividend yield of around 5% expected.
GKN shares hit a new 52-week high today, too, reaching 244.7 pence before dropping back a little to 243 pence. The engineer's October interim update was positive, reiterating its upbeat earlier first-half results and telling us that sales for the three months ended Sept. 30 were up 8% over the same period the previous year. Following that news, the share price embarked on a steady climb.
Forecasts for the year to December suggest an 8% rise in earnings with a 3% dividend yield and put the shares on a modest P/E of 10.
Automobile distributor Inchcape climbed past its previous 52-week closing high to reach 453 pence today, taking the shares up nearly 30% since the beginning of October. The company's interim update on Oct. 25 helped the rise, telling of a "robust trading performance" from its international network of 26 markets, with third-quarter revenue up 4% to 1.5 billion pounds and nine-month revenue up 5.4% to 4.6 billion pounds.
Full-year expectations to December suggest a P/E of just under 12, falling to 11 based on 2013 forecasts.
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