3 FTSE Shares Hitting New Highs

Published in Investing on 19 October 2012

Balfour Beatty (LSE: BBY) and Rank Group (LSE: RNK) are flying.

The FTSE 100 (UKX) looks like ending the week very close to its twelve-month high of 5,989. In fact, at 5,913 as I write, down just 4 points on the day, it's only 76 short. Will the index of top UK shares hit a new high next week? We'll see.

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

Balfour Beatty

Shares in infrastructure and construction firm Balfour Beatty (LSE: BBY) had dropped back a little recently, but they're powering back up again, briefly hitting a new 52-week high of 317.8p 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 9.

Rentokil Initial

Rentokil Initial (LSE: RTO) is also approaching a new high today, reaching 89.5p. 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.

Shares paying decent dividends are the bedrock of many a portfolio. The Motley Fool report "8 Shares Held By Britain's Super Investor" looks at the holdings of ace dividend investor Neil Woodford, and it could help you on your way. Click here to get your free copy, while it's still available.

Rank Group

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

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

You might not make a million playing bingo, but it's certainly something that can be achieved by investing in good shares. This Motley Fool report takes a look at how to do it. Click here to get your copy.

Further Motley Fool investment opportunities:

> Alan Oscroft does not own any shares mentioned in this article.

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