You might be discouraged to invest in the TSX given its poor performance lately, but not all stocks in Canada are bad buys. Some poor-performing sectors can often have a big impact on the overall index, but there are still good stocks out there that have been able to achieve strong results.
Below are three stocks that are solid buys that have seen their share prices rise during the past month when the TSX has struggled.
Fortis Inc (TSX:FTS)(NYSE:FTS) is a reliable investment that you can make any day of the year. This is a stock that you can buy and hold comfortably over the long term that won’t keep you up at night.
The utility stock has increased 12% over the course of the past month as a good performance in Q3 helped give the share price a boost. The company recorded a sales growth of more than 7% from the previous year while also providing a predictably strong bottom line in the process.
In its earnings release, the company also announced that it would be increasing its capital expenditures over the next five years, which is a good indication that Fortis is still continuing to grow.
Fortis also currently pays a very good dividend of 3.8% per year.
Strong international sales helped Gildan show strong growth in its top line and its profits were also up in the quarter. The company, which now owns American Apparel, has grown steadily over the years and continues to do so.
At around 25 times earnings, the stock is trading at reasonable multiples that make it not only a decent growth stock, but also a good option for value investors as well.
Gildan has proven to be a good long-term buy, increasing 65% over the past five years and by 225% over the past 10.
Corus Entertainment Inc. (TSX:CJR.B) has quietly been rising from the ashes, as it has soared by more than 24% during the last month. Since reaching lows of less than $4 a share, the stock has found safety at more than $5.
With a good quarter under its belt, investors have given the stock another chance. Early in the year, the share price went on a bit of a nosedive after a disappointing quarter to start the year sent investors into a panic.
However, even with the rise in price, the stock is still trading well below its book value. And coupled with a dividend of more than 4.7%, it could be an attractive buy as it is still nowhere near where it was at the start of the year, trading at more than $11 per share.
While it’s no guarantee that Corus will get back to those levels anytime soon, it’s a reminder of how low the stock has gone since then and why there is still a lot of upside for investors that buy today.