Despite today's sell-off, these 3 ASX 300 shares are topping all-time highs

These 3 standouts have set the pace today.

| More on:
Three children wearing athletic short and singlets stand side by side on a running track wearing medals around their necks and standing with their hands on their hips.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Key points

  • ASX 300 shares have shifted down on Friday with the benchmark trading in the red 
  • Despite that, these three names have surged past their all-time highs in today's session 
  • Here's a quick rundown of each 

ASX 300 shares are trading down in afternoon trade on Friday with the S&P/ASX 300 Index (ASX: XKO) slipping 160 basis points to 7,470.

Despite the challenges on Australian markets today, three shares have topped their record highs today.

TradingView Chart

Ramsay Health Care Limited (ASX: RHC)

Shares in Ramsay are climbing around 1% higher today, extending gains for the past week to 30%. Investors have been piling into the company after it confirmed a $20 billion takeover bid led by private equity giant KKR.

KKR will offer $88 per share in cash to purchase 100% of Ramsay. But there's more to the deal, according to TMF at the time:

Ramsay will also be allowed to pay shareholders a fully franked special dividend, which would reduce the offer price accordingly. This is so the healthcare giant can distribute all available franking credits to shareholders. Prior to its most recent dividend, Ramsay's franking account balance was a sizeable $823 million.

Ramsay is largely owned by retail investors, which could have implications on shareholder voting outcomes, a point that Mitch Lawller of TMF recently alluded to.

Since the news broke, the Ramsay share price has spiked more than 30% to nudge past its all-time high, last reached in 2016. So for long-term holders, it's been more than 5 years to break even from then.

Shopping Centres Australasia Property Group (ASX: SCP)

Shares in SCP have been working their way higher ever since the March selloff in 2020 that followed the pandemic.

In that time, the SCP share price has thrust off a bottom of $2.16 per share and now rests at $3.08 at the time of writing.

Right before the onset of COVID-19, SCP's share price had set off in a vertical uptrend that saw it run from $2.72 to $3.13 in less than a month.

Prompting gains was the management revising guidance upwards for funds from operations (FFO) per share in the company's recent half-year earnings.

It forecasts FFO per share of around 17.5 cents, an 18% gain year on year. It also intends to launch a new fund with $750 million in initial capital.

Since releasing its projections in February, the company has seen its share price extend a leg higher and it now trades at all-time highs as well.

John Lyng Group Ltd (ASX: JLG)

Another ASX 300 share marking new all-time highs today is Australia-based building services company, John Lyng Group.

The company's share price has been on a steady glide upwards over the last 12 months, setting a series of new highs and higher lows in the process.

At the time of writing, it trades at $9.23 apiece, after pushing to an intraday high of $9.34 per share and levelling off soon after.

John Lyng advised that it will lead the Government's $124 million flood recovery plan in Eastern Australia, adding to its already strong FY22 half-year results, according to previous TMF analysis.

That's got fund manager and listed investment company (LIC) WAM Research constructive on the stock, it said in recent disclosures.

The John Lyng share price has soared 134% in the last 12 months even after a difficult period this year to date.

Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns and has recommended Shopping Centres Australasia Property Group. The Motley Fool Australia has recommended Ramsay Health Care Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Record Highs

a man wearing a gold shirt smiles widely as he is engulfed in a shower of gold confetti falling from the sky. representing a new gold discovery by ASX mining share OzAurum Resources
ETFs

7 hugely popular ASX ETFs smashing new record highs on Wednesday

Do you own any of these lucky ASX ETFs?

Read more »

Man smiling at a laptop because of a rising share price.
Record Highs

This ASX 200 share is breaking records amid a massive $300 million investment

This ASX 200 share made a triumphant return to trading today.

Read more »

A woman on holiday stands with her arms outstretched joyously in an aeroplane cabin.
Travel Shares

Big ASX news: Qantas share price hits record high

Qantas is defying the market to fly to new heights this Wednesday...

Read more »

Three Archer Materials scientists wearing white coats and blue gloves dance together in their lab after making a discovery
Record Highs

Superstar ASX 200 healthcare stock snags record high amid $32 million deal

The second multi-million-dollar deal in less than two weeks.

Read more »

ETF written in gold with dollar signs on coin.
ETFs

5 popular ASX ETFs smashing new record highs today

Do you own any of these high-flying funds?

Read more »

Green stock market graph with a rising arrow symbolising a rising share price.
Record Highs

Boom! The ASX 200 just rocketed to new all-time highs

ASX 200 investors just sent the benchmark into uncharted territory.

Read more »

A US flag behind a graph, indicating investment in US shares
Record Highs

S&P 500 cracks another new record high: Can US stocks keep charging higher?

Investors just sent the S&P 500 to a new all-time high. Now what?

Read more »

Man smiling at a laptop because of a rising share price.
Index investing

Should you buy the Vanguard MSCI Index International Shares ETF (VGS) at all-time ASX highs?

Is it too late to buy this index fund?

Read more »