The S&P/ASX 300 Index (ASX: XKO) is in the green today, and the share prices of some market favourites are surfing its gains. In fact, many are leaping to long-forgotten or never-before-seen heights.
The ASX 300 is up 0.49% right now.
Let's take a look at three ASX 300 shares reaching record or multi-year highs on Friday.
3 ASX 300 shares reaching new highs today
Lovisa Holdings Ltd (ASX: LOV)
ASX 300 share Lovisa has been on a good run lately. It's gained 34% over the last 30 days to reach a new all-time high of $24.43 today.
And fans of the jewellery company are likely counting down the days until the stock experiences a notable upgrade. It's set to be added to the S&P/ASX 200 Index (ASX: XJO) later this month.
It's likely Lovisa's addition to the iconic index will further boost its share price. That's because funds tracking the index will be forced to snap up its securities, thereby increasing demand for the stock and, likely as a result, its value.
Leo Lithium Ltd (ASX: LLL)
Leo Lithium is another ASX 300 share rising to a record high on Friday. The lithium stock lifted 6.6% to 64.5 cents at its intraday high – the highest it's been since it listed on the ASX.
The company was spun out from Firefinch Ltd (ASX: FFX) in June, with shareholders of the parent company receiving one Leo Lithium stock for every 1.4 Firefinch shares held.
On top of that, another parcel of Leo Lithium shares was offered for 70 cents apiece, raising $100 million as part of its initial public offering (IPO).
Monadelphous Group Limited (ASX: MND)
The final ASX 300 share lifting to long-forgotten highs today is Monadelphous. Stock in the engineering group lifted 5.3% to a high of $13.74 today. That marks its highest point in more than 18 months.
That's despite no news having been released by the company in more than a fortnight.
The last time the market heard from the ASX 300 share was on 23 August. That was when it released its full-year earnings.
