It’s been a good year for investors that have been buying Canadian stocks. Year to date, the S&P/TSX Composite Index is up an impressive 8%.
While 8% growth in just over three months is certainly a strong start to the year, the fact that the market is up in 2021 should not come as a total surprise. We’re still far from seeing the country being fully reopened, but there is plenty of optimism in the stock market right now.
If you’re looking to make some gains during the economy’s recovery, now is the time to be loading up on Canadian stocks.
Here are two picks that should be at the top of your watch list.
Canadian stock #1: Brookfield Renewable Partners
Renewable energy is one sector you’ll want to own at least a few Canadian stocks in.
Green energy companies have been steadily growing for a few years now, but that growth really took off in 2020.
Growth has slowed as of late, though. The entire sector has been going through a pullback since early February of this year, providing Canadian investors a rare chance to pick up shares of top green energy stocks at a discount.
At the top of your watch list, you should have Brookfield Renewable Partners (TSX:BEP.UN)(NYSE:BEP). The company does it all for its shareholders. Whether you’re looking for market-beating growth, passive income, or broad exposure to the sector, this Canadian stock has you covered.
Shares of Brookfield Renewable Partners are up now more than 170% over the past five years. But over the past two months, the stock is down more than 10%.
Don’t let the recent pullback fool you into thinking the growth of this Canadian stock is slowing. Brookfield Renewable Partners is a market leader in this growing industry and a great long-term hold for any type of Canadian investor.
Canadian stock #2: goeasy
Shares of this Canadian stock were initially hit hard by the COVID-19 crash last year. goeasy (TSX:GSY) stock dropped more than 60% in barely over one month.
The company has since rebounded exceptionally well. Since bottoming out in late March of last year, shares of goeasy are up more than 300%. Over the past five years, growth is nearing 600%.
It’s been a great investment for shareholders, but I’ve got this Canadian stock on my watch list today because I think we could see the growth continue as the economy recovers.
goeasy specializes in providing financial services to individual consumers across the country. Those services include personal, home, and auto loans. All of which could see a rise in demand in the second half of the year if the country continues with its reopening plan.
Foolish bottom line
If you’re looking to earn market-beating growth, these two picks are great choices. The two companies have strong track records of outperforming the Canadian market, and the future is looking as bright as ever.
Don’t let the fact that the Canadian market is trading at all-time highs right now stop you from investing today. It’s been a great start to the year, but the growth could very well continue if the country stays on track with its reopening plan.
