THE MIRROR OF MEDIA

Got $300? Here Are 3 Top Canadian Stocks to Buy Now


The Canadian inventory market has been on an unbelievable run as of late. The S&P/TSX Composite Index is up 15% 12 months thus far and greater than 20% over the previous 12 months. 

Even after a formidable previous 12 months, although, short-term traders could also be hesitant to buy Canadian stocks as we speak. The uncertainty surrounding the pandemic solely continues to extend, so it’s very tough to foretell how the market will fare by means of the remainder of the 12 months.

Luckily, we long-term Silly traders don’t have to be as involved in regards to the subsequent few months as short-term merchants do. As a substitute, we will focus our time and power researching firms and including high picks to our portfolio. 

Despite the fact that the market is buying and selling at close to all-time highs, you don’t want a big sum of cash to put money into the Canadian inventory market proper now. With simply $300, you’ll be able to personal this whole basket of market-leading TSX picks. 

Lightspeed

This tech stock is certainly one of my highest conviction picks within the Canadian inventory market as we speak. It could even be some of the costly shares on the TSX, however I consider it’s properly deserved.

Shares of Lightspeed (TSX:LSPD)(NYSE:LSPD) are buying and selling at a frothy price-to-sales (P/S) ratio of above 50 as we speak. 

The rationale why Lightspeed shareholders are keen to pay a premium is due to the corporate’s long-term growth potential. Its product providing is continually rising, in addition to its worldwide presence. At this time, Lightspeed serves greater than 150,000 buyer places unfold throughout 100 nations. 

Shares are up near 200% up to now 12 months alone, simply crushing the returns of the Canadian market.

In the event you can abdomen the volatility, that is one progress inventory that might present your portfolio with a few years of market-beating progress. 

Fortis

To steadiness out the higher-priced Lightspeed, I’ve included a dependable utility inventory, Fortis (TSX:FTS)(NYSE:FTS), on this basket of Canadian firms. Whereas it’s definitely not as thrilling as the highest progress shares on the TSX, you’ll be glad to personal it throughout inevitable market downturns. 

Whatever the financial situation, customers and companies alike will rely on Fortis services and products. That’s what makes it such a reliable funding. 

It gained’t be lighting the world on fireplace with its progress anytime quickly, but it surely’s no stranger to outperforming the market.

Shares of the utility inventory are up barely above what the market has returned over the previous 5 years. That’s not even together with the inventory’s 3.5% dividend yield, both. 

Properly Well being Applied sciences 

Final on my checklist is a high progress inventory that’s buying and selling at an absolute discount. Shares are buying and selling beneath $10 proper now and it’s solely valued at a P/S ratio barely over 10.

Shares of Properly Well being Applied sciences (TSX:WELL), together with many different telemedicine shares in 2020, exploded. The pandemic created an enormous tailwind that noticed leaders throughout the sector surge to all-time highs in a brief time frame.

Unsurprisingly, as vaccination numbers proceed to extend, telemedicine shares have cooled off. I’m nonetheless bullish on the long-term development of an increase in telemedicine, although, so I’ll gladly choose up shares of Properly Well being whereas it’s buying and selling 20% beneath all-time highs.


This text represents the opinion of the author, who could disagree with the “official” advice place of a Motley Idiot premium service or advisor. We’re Motley! Questioning an investing thesis — even certainly one of our personal — helps us all assume critically about investing and make choices that assist us change into smarter, happier, and richer, so we typically publish articles that is probably not in step with suggestions, rankings or different content material.

Idiot contributor Nicholas Dobroruka owns shares of Lightspeed POS Inc. The Motley Idiot owns shares of and recommends Lightspeed POS Inc. The Motley Idiot recommends FORTIS INC and Lightspeed POS Inc.



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