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Got $500? 3 Top TSX Stocks to Buy Today

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Canadian stocks turned slightly negative last week after posting gains for the previous four quarters in a row. The S&P/TSX Composite Index fell by nearly 0.9% in the week ended on August 20, erasing some of its 2.7% gains that it saw in the previous four weeks. A recent downside correction in oil and metals prices and rising concerns about the Delta variant seem to be affecting the market.

Nonetheless, I expect the TSX stocks to resume their upward trend soon, as the long-term economic growth outlook remains unchanged. That’s why it could be the right time to add these fundamentally strong stocks to your portfolio with an investment of as low as $500.

Enbridge stock

I find Enbridge (TSX:ENB)(NYSE:ENB) to be one of the most reliable Canadian energy stocks to own today. This TSX stock has risen by 19.3% this year against 16.7% gains in the TSX Composite benchmark.

While the COVID-19-related headwinds and energy demand challenges affected Enbridge’s top line last year, its long-term earnings-growth outlook remains solid. In 2020, the company’s total revenue fell by 22% from a year ago. But the trend has already reversed to positive in the first half of this year due to a significant increase in energy demand. In the June quarter, Enbridge registered a 36.2% YoY (year-over-year) rise in its revenue, and its adjusted earnings rose by about 20% from the same quarter a year ago.

Apart from its improving earnings growth outlook, Enbridge’s solid dividend yield of 6.9% makes its stock even more attractive today. The stock is trading at $48.55 per share with a market cap of $98.4 billion.

Lightspeed stock

Lightspeed Commerce (TSX:LSPD)(NYSE:LSPD) is another great TSX stock to buy today. This Montréal-based tech company’s stock is currently trading at $119.89 per share with a market cap of $17.1 billion. Lightspeed targets merchants globally with its easy-to-use digital commerce solutions.

The simplicity, functionality, and scalability of its omnichannel platform are driving its stellar business growth. In the June quarter, Lightspeed posted a solid 220% YoY sales growth to US$116 million as its gross transaction volume surged by 203% from a year ago. As a result, the company raised its fiscal year 2022 sales growth outlook. Moreover, Lightspeed’s continued focus on business expansion and quality acquisitions make its stock worth investing in today.

Hut 8 Mining stock

Hut 8 Mining (TSX:HUT)(NASDAQ:HUT) is one of the top cryptocurrency mining companies in North America. It currently focuses on Bitcoin mining at its two mining sites: Medicine Hat and Drumheller in Alberta.

Hut 8 currently has a massive power capacity of 109 megawatts and is aggressively expanding its compute power. In the second quarter, the company mined 553 Bitcoin, which it added to its self-mined Bitcoin balance. With this, its total revenue for the quarter jumped by 263.5% YoY to $33.5 million, beating analysts’ consensus estimates by more than 20%.

Considering investors’ rapidly growing interest in the cryptocurrency market, Hut 8 Mining has the potential to post exponential financial growth in the coming years. That’s why long-term investors may want to buy this cheap stock today, as it currently trades at $8.44 per share with about 142% year-to-date gains.

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.

The Motley Fool owns shares of and recommends Enbridge and Lightspeed POS Inc. The Motley Fool recommends Lightspeed POS Inc. Fool contributor Jitendra Parashar has no position in any of the stocks mentioned.

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