Millennials have now had the “privilege” of experiencing two major recessions in a little over a decade. The 2007-2008 financial crisis pushed many prospective investors away from the stock market out of fear. This should not have been the case. Historically low interest rates and record-breaking asset purchasing programs combined with a rebounding economy to produce one of the most impressive bull markets in history.
The last year also demonstrated why millennials should look to buy the dip in times of major turbulence. Today, I want to look at three TSX stocks that are worth picking up as Canada’s economy gears up for a comeback. Let’s dive in.
Millennials need to keep an eye on this top tech stock
Near the end of 2020, I’d looked at future TSX stocks that millennials should focus on. Nuvei (TSX:NVEI) was one of the equities I was most excited about. This company provides payment technology solutions to merchants and partners around the world. Shares of Nuvei have climbed 15% in 2021 as of mid-afternoon trading on June 3.
The company released its first-quarter 2021 results on May 10. Total volume climbed 132% from the prior year to $20.6 billion. Meanwhile, adjusted EBITDA rose 97% to $65.5 million, and adjusted net income more than quadrupled to $51.2 million – up from $9.8 million in Q1 2020. New e-commerce business more than tripled in the first quarter as Nuvei expanded its direct distribution channel.
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This TSX stock is also lighting up the tech space
Lightspeed POS (TSX:LSPD)(NYSE:LSPD) is a Montreal-based company that provides commerce-enabling Software as a Service (SaaS) platform for small and midsize businesses, retailers, restaurants, and golf course operators around the world. This TSX stock has dropped 1.6% in 2021. Its shares have soared 140% from the prior year. Millennials should be eager to target this exciting technology space.
In Q4 FY2021, Lightspeed delivered revenue growth of 127% to $82.4 million. Meanwhile, recurring subscription and transaction-based revenue jumped 137% to $75.3 million. For the full year, revenue increased 84% to $221 million. Lightspeed struck three big acquisitions in fiscal 2021, bolstering its global footprint. The company’s customer locations closed at over 140,000 at the end of the year.
Lightspeed is well-positioned to post strong revenue growth going forward. Grand View Research recently projected that the global payment technology solutions market would grow at a compound annual growth rate (CAGR) of 14.5% from 2020 through 2027. Millennials should look to snatch up this promising TSX stock for the long term.
Why I’m snatching up gold stocks this summer
Millennials have likely been more drawn to the cryptocurrency space over the past year. However, this demographic should not sleep on gold. This is especially true as inflation is picking up in Canada and the United States. Barrick Gold (TSX:ABX)(NYSE:GOLD) is one of the largest gold producers in the world. This TSX stock has climbed 3% month-over-month at the time of this writing.
Last month, I’d discussed rising inflation and why gold was a solid pick in this environment. Improved gold and copper prices gave Barrick a big boost in Q1 2021. Adjusted net earnings increased 78% from the prior year to $507 million.
This TSX stock last had a favourable price-to-earnings ratio of 16. Millennials should be on the hunt for value plays as gold stocks look poised for a resurgence in the second half of 2021.
Here are 10 stocks millennials should consider today . . .
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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 Ambrose O'Callaghan has no position in any of the stocks mentioned. The Motley Fool owns shares of Lightspeed POS Inc.