There are a few scenarios for why investors might be sitting on cash. The most likely, however, is that you’ve put cash aside for investment yet haven’t actually invested it. You’ve set up your Tax-Free Savings Account (TFSA) with the idea to save and invest, but yet your money is doing nothing.
I can’t blame you. The market remains a volatile place, and we haven’t even technically entered a recession! With that in mind, you need stocks that are going to protect you. In that case, these are the two TSX stocks I would pick up on the TSX today.
Nutrien
If you want protection, then consider buying TSX stocks that will be around no matter what happens with the market. That’s why Nutrien (TSX:NTR) is such a strong choice. After some volatility, now is a great time to consider the stock once more.
To be clear, that volatility came from macro issues rather than anything Nutrien stock did itself. The company saw an increase in share price after sanctions were placed against Russian potash. Now, things have settled back down for investors.
Nutrien stock, therefore, is a strong long-term hold, as it continues to acquire new businesses, and expand its e-commerce operations. Further, you can pick it up in value territory, trading at just 5.41 times earnings.
Finally, it’s one the TSX stocks on the TSX today that offers a dividend yield as well — currently at 2.65%. I wouldn’t be surprised if that climbs higher in the years to come. Right now, however, it’s still a new company. So, I’m confident that cash will continue to go to expansion activities, and we’ll be better for it.
Teck Resources
Another strong choice is basic materials. These are self-explanatory but consist of mining for materials we need for everyday life. That includes silver, copper, fertilizer, and steel-making coal. And that’s why Teck Resources (TSX:TECK.B) is such a perfect choice.
Rather than mine for items that have no utilitarian purpose, or just one or two minerals, for that matter, Teck stock gets into it all. It’s now one of the top growth stocks of the last few months on the TSX today. Shares continue to rise and are up 30% in the last six months and 8% in the last year.
This should continue, even if we go into a recession, as basic materials will continue to be essential. Furthermore, Teck stock should continue climbing out of a recession as well. The company continues to expand, but also create sales to keep cash flowing in.
Right now, it remains a steal trading at just 7.18 times earnings. And again, you can bring in a little dividend of 0.88% to consider as well among your other TSX stocks.
Bottom line
If you’re nervous about the market lately, I totally get it. That’s why it’s important to choose TSX stocks that will continue to do well no matter what happens with the market. Teck stock and Nutrien stock are both solid choices for investors wanting to start their growth right now and bring in passive income as well on the TSX today.
