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Multiply Your Money With These 3 TSX Stocks

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While the novel coronavirus took a toll on the majority of stocks and sectors across the globe, few TSX stocks stood out. These TSX stocks outperformed the benchmark index by a considerable margin and made investors rich. Despite the recent surge in value, these stocks continue to remain the best bets for multiplying your money in the long run. 

Here are three such TSX stocks that remained relatively resilient to the coronavirus-led market selloff, marked stellar growth, and have the potential for further upside.

Shopify

In terms of growth, it is hard to beat Shopify (TSX:SHOP)(NYSE:SHOP) stock. Shares of Shopify have generated exceptional returns this year and more than doubled at one point. Despite the recent pullback, Shopify stock is still up about 92% year to date, as compared to more than 7% decline in the benchmark index.

The pandemic boosted demand for Shopify’s offerings and led to a sudden spike in traffic. The growth was so significant that it can be compared to “Black Friday-level traffic.” Besides witnessing a surge in the demand for its platform and services, Shopify posted stellar quarterly numbers that further fueled growth in its stock. 

The steep growth in Shopify stock might concern you. However, the company’s robust e-commerce platform, operational efficiencies, rising demand, and product expansion indicate that Shopify has enough ammo left that could continue to boost its stock in the coming quarters. Further, Shopify stock has corrected about 16% in the last couple of weeks, which presents an excellent opportunity to go long.

Real Matters

So far, Real Matters (TSX:REAL) stock has surged about 82% this year. The stellar growth in Real Matters stock is due to the strong growth in volumes and robust future outlook. Real Matters provides real estate appraisals and title and mortgage closing services and is witnessing a surge in demand in the U.S. mortgage market. The coronavirus pandemic led central banks in the U.S. and Canada to drastically cut the interest rates, which is working in favour of the company.

The historically low interest rates are driving refinancing activities higher, which should boost Real Matters’s growth prospects. Financial institutions are gradually expanding their underwriting capacity, which increases the demand for Real Matters’s offerings and acts as a long-term growth catalyst.

Besides strong demand, its competitive advantage over peers and ability to acquire new customers further boosts its long-term growth prospects.

Jamieson Wellness

Jamieson Wellness (TSX:JWEL) stock is a steady performer. The stock stood out as unaffected during the pandemic-led selling and outperformed the benchmark index by a wide margin. Jamieson Wellness stock has corrected a bit in the recent past. However, it’s still up about 25% year to date.

As the name suggests, the company manufactures products related to health and wellness, including vitamins, minerals, and supplements. The company is doing exceptionally well on the financial front with consistent growth in sales and profitability. 

The demand for Jamieson’s health and wellness products continues to rise, as more and more people choose healthy living. Besides, the COVID-19 outbreak further boosts the demand for its offerings. Jamieson remains well positioned to benefit from the favourable market trend. Meanwhile, its geographical expansion should further support future growth.

Speaking of solid long-term investment options, take a look at the 10 Canadian stocks to buy right now.

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This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Sneha Nahata has no position in any of the stocks mentioned. Tom Gardner owns shares of Shopify. The Motley Fool owns shares of and recommends Shopify and Shopify.

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