Over the past week, the S&P ASX All Ordinaries Index (ASX: ^XAO) closed essentially flat at 5,442. There was a small rise in the Aussie dollar, ending on Friday at 93.61 cents to the US$ from slight weakness in the US$. Gold prices end the week at US$1,290/oz after a brief rally above US$1,300/oz.
Here are 5 stocks that made new highs during the week.
Oil Search Limited (ASX: OSH) price: $9.12
The energy producer set a new all-time high of $9.16.
It previously revised its oil production upwards after it was announced that the PNG LNG project will have its first cargo ahead of schedule and before the middle of this year. The second train, or LNG processing facility, is expected to have its first production in several weeks as well.
Lend Lease Group (ASX: LLC) price: $13.13
The property and infrastructure developer hit a 52-week high of $13.31.
The housing construction market is driving up pre-sales commitments and lot settlements. Also, it secured required tenant agreements to start the construction of its third of three towers which will be built at its Barangaroo South development project at Darling Harbour.
Sydney Airport Holdings Ltd (ASX: SYD) price: $4.30
The owner and operator of the Sydney Airport made a new all-time high of $4.37.
Its year-to-date figures up to March showed a 4.9% increase in international fliers and a 1.2% gain for domestic passengers. Over the past twelve months, Chinese and Malaysian passengers led in percentage increases.
Origin Energy Limited (ASX: ORG) price: $15.20
The oil and gas producer and energy retailer made a 52-week high of $15.39.
It reported March quarter revenue up 27% to $253.4 million. This raised its year-to-date revenue 34% on the previous corresponding period. Its Australia Pacific LNG project (APLNG) is now two-thirds complete and scheduled to commence production in mid-2015.
Downer EDI Limited (ASX: DOW) price: $5.28
The engineering and infrastructure manager hit a 52-week high of $5.40.
It maintained its FY2014 guidance of $215 million in net profit. In an investor presentation, it stated it will be considering advantageous mergers and acquisitions, including possible overseas expansion.
Although mining is still subdued, it is encouraging that energy resources companies are moving ahead. Infrastructure development for energy companies will be needed, as well as social infrastructure like roads and tunnels, so the engineering companies can take up more of that kind of work to offset mining's weakness.
