British Aerospace (LSE: BA) and Telford Homes (LSE: TEF) reach lofty levels.
The FTSE 100 (UKX) hasn't gone anywhere much this week, and is less than a point down on the day to 5,791 points at the time of writing. But last week's good news from the European Central Bank -- that it is launching a cross-Europe bond-buying programme -- has strengthened the index, and set it moving back in the direction of its previous 52-week high of 5,989 points.
Individual companies in the various indices are hitting high points every day. Here are three that are scaling the heights...
British Aerospace (LSE: BA) is back up to new levels not seen since February, after hitting the same 333p high point again, before falling back a couple of pennies to 331p. In-between, the price has been down all the way to 270p, so that's a 23% recovery from the beginning of June, and up 32% since the share's 52-week low of 251p in November.
But even after that rise, the shares are still looking cheap. Forecasts for the year to December suggest a fall in earnings per share of around 10%, but that still puts them on a price-to-earnings (P/E) ratio of 8.1, and suggests a dividend yield of 5.9% -- and the dividend should be twice covered. Forecasts for 2013 are similar.
On a day when housebuilder Barratt Developments (LSE: BDEV) fell after releasing interim figures, the much smaller property developer Telford Homes (LSE: TEF) hit a new 52-week high of 134p, before falling back a little to 129p. The firm saw earnings slide last year and we've had two years of slashed dividends, but the year to March 2012 saw the start of a recovery, and 2013 is expected to see earnings back up to pre-slump levels.
If those expectations come good, we should be looking at a dividend of 3.3% from a share on a P/E of 11, improving to 4.2% and 8.9 for 2014.
In a related field, construction and civil engineering company Costain Group (LSE: COST) hit a peak of 251p today, and is currently just a shade below that on 249p. Last month's interim results were strong, showing a 16% rise in underlying operating profit, and that helped the shares to a 32% rise from early June, and 38% since November's 52-week low. But it's been volatile, with a brief peak approaching today's price in March.
Forecasts look pretty good, and the shares are on a forward P/E of 8 with a 4.4% dividend pencilled in. The firm has net cash, so there's no debt to worry about.
If you want to find good dividend-paying shares like these, have a look at the free Motley Fool report "8 Shares Held By Britain's Super Investor", which takes a look at some of ace investor Neil Woodford's major holdings. Click here to get your free copy, while it's still available.
And if you're looking for riches from the oil and gas industry, try the new Motley Fool report, "How To Unearth Great Oil & Gas Shares". It's free, so click here for your personal copy.
Further Motley Fool investment opportunities:
> Alan does not own any shares mentioned in this article.