TUI (LSE: TT), Howden (LSE: HWDN) and Old Mutual (LSE: OML) reach for the sky.
The FTSE 100 (UKX) slid a bit further from its recent month-high of 5,989 points today, dropping 16 points to 5,837. Still, unless we get any fresh eurozone shocks, it seems more likely to make a new 52-week high than a low in the coming months.
But a stagnation in the index of the UK's biggest shares isn't holding back individual constituents of the FTSE indices. Here are three that have hit new 52-week highs this week...
TUI Travel
TUI Travel (LSE: TT) hit a new peak on Monday of 212.3p before falling back a little, just pipping February's high of 210.2p. Though the shares slid to a low of 158p in June, they've recovered 32% since then to 208.2p. Interim figures on 9 August showed strengthening trading, with bookings up for higher-prices premium holidays, and we saw a cash flow improvement as well.
Based on forecasts, the shares are on a full year price-to-earnings (P/E) ratio of under 9, with a 5.5% dividend yield expected. Does that look cheap? Well, it could be, if the mooted recovery continues through the winter booking season.
Howden
Howden Joinery (LSE: HWDN) has had a great year so far, and is more than 50% up on 12 months ago. And after a steady climb since the middle of May, the shares hit a new 52-week high of 145.4p on Monday.
Profits have been recovering slowly since the end of 2009, and though there isn't much of a dividend expected yet (still only around 1%), forecasts put the shares on a forward P/E of 10-11, and the firm has net cash.
Old Mutual
As further evidence of a strengthening insurance sector, Old Mutual (LSE: OML) also reached a new year-high on Monday, hitting 173p. That's more than 50% up on a year ago, and by year end we should be seeing further progress in the firm's dividend recovery after an interim payout of 1.75p per share was announced.
Analysts have 3.6% pencilled in for this year, with 4.3% next, from shares on a P/E of 9.5, falling to 8.3. The rest of the insurer's interim figures, released 8 August, suggested slow and steady recovery.
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> Alan does not own any shares mentioned in this article.
