The FTSE 100Â (FTSEINDICES: ^FTSE) is picking up a little today, gaining 58 points to 6,749 approaching noon — a daily rise at this rate would take it above the 13-year record of 6,876 points set in May by Tuesday next week! While it might not happen that quickly, that record is sure to tumble soon, with an air of cautious optimism emanating from central banks.
Which FTSE 100 shares are helping with the bullishness? Here are three reaching new heights today:
Aviva
Aviva (LSE: AV) (NYSE: AV.US) shares are climbing day after day at the moment — a few days ago I reported a rise of 20% over the past year, and already they’ve powered beyond that to a 12-month gain of 27% after hitting a new high today of 469p.
Since the start of 2014, the Aviva price is up 4.3%, but the shares are still on a P/E of under 11 based on expectations for the year ended December 2013, with 2014 forecasts dropping that to less than 10.
With rebased dividends still set to provide yields of around 3.5%, which is better than the FTSE average, I’m happy to have Aviva in the Fool’s Beginners’ Portfolio.
ITV
ITV (LSE: ITV) had a great 2013, but its price rise flattened off a bit towards the end of the year.
But since mid-December it’s been on the move again, and the shares reached a new 52-week high of 201.7p today to take them up around 88% over the past 12 months — against the FTSE’s relatively meagre 11%.
We have EPS growth in excess of 10% per year expected for the year to December 2013 and for the following two years, though the shares are now on a P/E of 18.5 with dividend yields only around 2%. Investors have done well, but the shares look high enough to me now.
easyJet
Last year was also kind to easyJet (LSE: EZJ), but we saw a slow decline in the share price setting in from August.
But from early November it started to climb again, and the shares have reached a new high today of 1,666p. That’s a rise of around 95% over 12 months.
We’ve had four years of strong earnings growth from easyJet, with more modest growth expected for 2014 and 2015 of 6% and 14% respectively. The shares are on a forward P/E of 15 for 2014, dropping to 13.5 on 2015 forecasts, which doesn’t look too stretching on the face of it.
But airlines are fickle investments prone to price-taking shocks, and I wouldn’t consider buying them at these levels.