3 FTSE Shares Hitting New Highs

LONDON -- The FTSE 100 (FTSEINDICES: ^FTSE  ) has crept up another nine points to hit 5,971 just after midday, taking it within a tantalizing 18 points of its 52-week high of 5,989. There are still a couple more hours to go today, and there's tomorrow, too -- it may still make it this week.

As the index is strengthening, so are many of its individual constituents. Here are two from the FTSE 100 and one from the FTSE 250 that are reaching new records today.

ARM (LSE: ARM  ) (NASDAQ: ARMH  )
Chip designer ARM Holdings just keeps going from strength to strength, reaching a new 52-week share price high today of 784 pence. In fact, that's the highest the ARM price has been since the turn-of-the-century dot-com madness thrust all tech shares to stupid prices.

With ARM designs finding their way into all manner of portable electronic devices, sales and profits have just kept climbing. But growth shares like this are not cheaply priced: Based on current forecasts, they're on a year-end price-to-earnings ratio of 54.

Legal & General (LSE: LGEN  )
The financial sector has recovered pretty strongly this year, and insurer Legal & General has powered up to a new 52-week high of 148 pence today. That takes the shares up nearly 50% over the past 12 months, which is good going for an FTSE 100 company.

There are decent dividends forecast, too, as analysts have 5% penciled in for this year and about 5.5% for next.

Investec (LSE: INVP  )
Sticking with the financial sector, specialist banker and asset manager Investec has seen its shares soar, and they've spiked up to a new high today of 424 pence. That's a rise of about 30% over 12 months.

The company's profits have been a little erratic, but City forecasts put the shares on a P/E of about 11, falling to nine for next year, with dividend yields of 4% and 5%, respectively. Are Investec shares a bargain? That's for you to decide.

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