4 ASX 100 stocks making new highs: can they rise more in May?

All Ordinaries Index hits 52-week high; good start heading into typically weak period

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The S&P ASX All Ordinaries Index (ASX: ^XAO) set a new 52-week high at 5,533 in the past week. The Aussie dollar held up around 92.7 cents to the US$. The gold spot price once again went under US$1,300/oz to US$1,277 at one point, possibly from the escalating tension between Ukraine and Russia. It ended the week at US$1,300/oz.

Here are some of the ASX 100 stocks that made new highs in the past week.

Aurizon Holdings Ltd (ASX: AZJ)

The rail transport company hit an all-time high of $5.26 and closed the week at $5.17.  Its March quarter above rails volumes update showed an 11% increase for coal and a 14% increase for iron ore. Freight volumes were down 3% for the three-month period.

Tabcorp Holdings Limited (ASX: TAH)

The gaming and wagering company set a 52-week high of $3.83. Its March quarter saw a 2.5% rise in revenue compared to the pcp, with the strongest gain coming from its media and international segment. Its Keno segment was the only segment to drop in revenue.

Oil Search Limited (ASX: OSH)

The oil and gas producer made a new all-time high of $9.08. It announced that first cargo from the PNG LNG project will be achieved ahead of schedule and should be shipped before the middle of this year. Its second LNG processing facility (“train”) is expected to start in the next several weeks.

Westpac Banking Corp (ASX: WBC)

The bank hit a new all-time high of $35.99. Its interim results will be announced on 5 May. Two of the other Big Four banks hit highs recently on higher earnings and increased dividends. The climate for banking growth has been improving and a rising housing market is generating more residential home loans.

Foolish takeaway

I would prefer Oil Search amongst these stocks because of the business growth potential, yet its 45 PE may be too pricey for new investors in the stock.

Motley Fool contributor Darryl Daté-Shappard does not own shares in any company mentioned. 

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