LONDON -- The FTSE 100 (INDEX: ^FTSE) 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 (LGEN 0.69%)
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 (GKN)
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.
Inchcape (INCH 1.08%)
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.
Daily gains from shares can all play their part in making you your first million. But the real secret to becoming rich from shares is simple long-term investing in fundamentally sound companies and letting steady growth and dividends power your wealth upward. If you don't think making a million is feasible, read The Motley Fool's report "10 Steps To Making A Million In The Market" and see if you change your mind. The report won't cost you a penny, so click here to have a copy delivered to your inbox while it's still available.
