The Canadian stock market offers investors many outstanding companies to choose from. That’s why, when it comes to discussing which stocks are the best to buy right now, it’s rarely a question of quality. Instead, it comes down to which stocks offer investors the best opportunities at the current moment. In this article, I’ll discuss two of thee best TSX stocks to invest $1,000 in right now. These two stocks could contribute to your portfolio in very different ways.
Buy this bank stock
The first TSX stock that investors should consider buying today is Bank of Nova Scotia (TSX:BNS). Canadians should be very familiar with this company, since it’s one of the Big Five banks. In my opinion, Bank of Nova Scotia stands out among its peers due to its focus on international growth. By focusing specifically on the Pacific Alliance, for its international exploits, Bank of Nova Scotia could take advantage of a rapidly growing middle-class economy in that region.
In terms of its stock, Bank of Nova Scotia offers investors a very attractive dividend. This company has been paying its shareholders a dividend for nearly 190 years. That’s a feat that very few companies anywhere, not just in Canada, can match.
At this point, you may be asking why today is a great time to buy shares in this company. That’s because Bank of Nova Scotia stock has fallen quite a bit recently. Over the past year, this stock has dropped about 25%. While that may seem like a bad thing, investors should remember that this is one of the largest companies in Canada and operates in a relatively stable industry. There’s little doubt in my mind that Bank of Nova Scotia stock could recover eventually.
However, these depressed stock prices give investors an opportunity to accumulate shares while Bank of Nova Scotia’s dividend yield is very high (6.11%). By taking advantage of this stock today, investors could help accelerate their way to generating passive income that could lead to financial independence.
Consider this tech stock
Shopify (TSX:SHOP) is the second stock that investors should consider buying today. Many investors should recognize Shopify as a leader within the global e-commerce industry. It offers merchants with a platform that can power their online stores. It’s estimated that more than one million merchants around the world rely on Shopify’s platform today.
This company has been so successful since its initial public offering that many Motley Fool readers may not need an extensive explanation on this company’s background. Instead, I’ll jump ahead to why this company is an intriguing stock to buy today.
Like many other growth stocks, Shopify was hit hard in 2022 by rising interest rates. That creates an environment that makes it difficult for companies to borrow money and achieve high growth rates. As a result, Shopify stock plummeted. Today, the stock still trades about 75% lower than its all-time highs. However, despite that, I think it’s a great stock to consider buying today.
That’s because Shopify remains a leader in one of the most intriguing spaces in the world. E-commerce will continue to grow, as tomorrow’s consumers continue to shift their spending online. With Shopify establishing the necessary network today to support online stores in every way it can, I believe Shopify’s future will continue to be very bright over the next decade.
