Got $100? 3 Top TSX Stocks to Buy Right Now

·4 min read
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Canadian stocks continue to soar amid volatility in other areas of the economy. The S&P/TSX Composite Index is up 15% year to date and sitting at an incredible gain of close to 70% since the market bottomed out in late March of last year.

The Canadian market is riding a record-setting bull run, and stock prices are at all-time highs. I can understand why some short-term traders may be hesitant to invest in TSX stocks today. But if you’re trying to time a pullback, I’d be cautious about betting on one in the coming months. The country is on the cusp of reopening, which could propel the market even higher.

If you’re looking for a couple of low-priced Canadian stocks, there’s no need to wait for a pullback. The TSX is full of top companies trading at reasonable prices today. I’ve put together a basket of three market-leading companies that you can own for less than $100 right now.

Air Canada

I’ll admit that the pandemic initially made me bearish on airline stocks, including Air Canada (TSX:AC). For a period of time last year, the pandemic had created a high amount of uncertainty in the short- and long-term futures for many different industries.

Air travel, unsurprisingly, was hit particularly hard by the pandemic. Shares of Air Canada stock tanked 70% in barely over one month last year. Investors do not like uncertainty, and there was a lot to be uncertain about last year.

But as countries around the globe continue to work past the pandemic, I’m beginning to realize that we may be closer to returning to a pre-COVID-19 air travel experience than I originally thought. As a result, I’m much more interested in Air Canada stock today than I was last year.

Shares of Air Canada stock are up a market-beating 130% since March 2020. Still, shares are down close to 50% from all-time highs. But with the country’s reopening around the corner, I don’t think it will be long before Air Canada stock is back to an all-time high.

Brookfield Renewable Partners

While airline stocks tanked in 2020, renewable energy companies soared. Brookfield Renewable Partners (TSX:BEP.UN)(NYSE:BEP) stock was up 70% in 2020 alone.

Along with many other renewable energy stocks, shares have cooled off in recent months. This is a rare discount that I think any long-term investor would be wise to take advantage of.

I’m extremely bullish on the growth of renewable energy over the next decade. And since Brookfield Renewable Partners is a leader in the growing sector, I’ll be looking to add to my position while the stock is on sale.

Shares are down 20% from all-time highs, but the stock is still up a market-beating 150% over the past five years.

Well Health Technologies

Speaking of TSX stocks that soared in 2020, shares of Well Health Technologies (TSX:WELL) were up more than 400% last year.

The telemedicine industry exploded during the pandemic. As we near the country’s reopening, though, it shouldn’t come as a surprise to see telemedicine stocks sell off. We’ll likely see a decline in year-over-year virtual doctor visits, but I’m still bullish on the long-term growth of the telemedicine industry.

If you’re looking for a top Canadian company to own in this growing industry, Well Health Technologies is a solid choice.

The post Got $100? 3 Top TSX Stocks to Buy Right Now appeared first on The Motley Fool Canada.

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Should you invest $1,000 in Air Canada right now?

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Fool contributor Nicholas Dobroruka owns shares of Brookfield Renewable Partners. The Motley Fool has no position in any of the stocks mentioned.


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