LONDON -- For most of the day today, it was looking like the FTSE 100 (FTSEINDICES:^FTSE) would not hit a new 52-week high, dropping below yesterday's close and then recovering to hover around the 6,300 mark. But late in the day it took off, sprinting 45 points upward to finish at 6,339, marking the first session of this year in which the index has finished above 6,300.
With the index reaching new heights, so too are many individual companies. Here are three constituents of the various FTSE indexes that attained new levels today.
Rightmove, owner of the property website of the same name, has had a pretty good year. Interim results back in August were pretty good, but the shares languished from then until a recent strong run took them to today's 52-week high of 1,703 pence.
November's interim statement for the period to Oct. 31 told us of further strong performance, and current estimates for the year to December suggest a 19% rise in earnings per share. Rightmove shares are currently priced for growth on a price-to-earnings ratio of nearly 30, but forecasts for the next two years are strong. And the dividend, though a low 1.3% right now, looks set to rise.
Shares in Lookers are also on a 52-week high, finishing the day at 80 pence and up more than 55% over the past 12 months. After a rough time during the recession, the motor trade looks to be heading for better times, with Lookers' October interim update telling us that new car sales were up 4%, with retail sales up 9%. The fleet market was still flat.
Full-year expectations for Lookers put the shares on a pretty undemanding P/E of 11.5, with a dividend yield of 3.1% expected. Modest but encouraging growth forecasts for the next two years make this a share that must be worth a closer look.
Costain shares finished today's trading session at a high of 269 pence, up around 35% over the past year. The engineering and construction group put in an upbeat pre-close trading update on Jan. 4 ahead of full-year results due on March 6.
The company finished the year "in line with the Board's expectations," with an order book standing at 2.4 billion pounds (hardly changed from 2.5 billion pounds a year ago). More than 90% of that is repeat orders, which is the kind of thing I like to see. On a P/E for the full year of just eight and a dividend yield of 4% expected, are Costain shares cheap? That's for you to decide, but they certainly don't look expensive to me.
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.
Alan does not own any shares mentioned in this article. The Motley Fool has a disclosure policy. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. Try any of our Foolish newsletter services free for 30 days.