2 of the Best TSX Stocks to Invest $1,000 in Right Now

Investors who don’t want to sink a lot into the market could still consider these two stable TSX stocks, offering stability through their sectors and growth.

| More on:
Hourglass projecting a dollar sign as shadow

Source: Getty Images

I would totally get it if you’re not wanting to put a lot in the TSX today. Shares are down but could drop even further as early as this summer, if economists are to be believed. It looks likely that we’ll enter a recession, and that could mean whatever you invest in may only drop further.

That being said, it’s also a great time to bulk up on TSX stocks that offer protection. But if $1,000 is what you’re comfortable with, then that amount of bulk works just fine. In that case, these are the two best TSX stocks I’d invest in right now.

Exchange Income

Exchange Income (TSX:EIF) is a strong choice for a few reasons. First, there’s the actual share performance. EIF stock is up almost 30% in the last year alone and 3.65% year to date. Yet despite that strong performance, it remains a fair trade at 20.62 times earnings as of writing.

Then there’s the dividend. EIF stock offers a 4.64% dividend yield as of writing, with stable dividend growth during the last decade as well. What’s more, its dividend comes out on a monthly basis, providing you with passive income immediately upon making your investment.

Finally, there’s the company business model itself. EIF stock acquires business with a proven profitable track record in the aviation and aerospace, and manufacturing industries. It’s continued to grow even during this downturn, most recently purchasing a company that makes metal components for automated equipment.

Here’s what you could get for investing $1,000 in EIF stock as of writing.



Another company that’s finally over its volatile time is Nutrien (TSX:NTR), which is why it’s an excellent option. Unfortunately for Nutrien stock, it was affected by influences outside its control. When Russia invaded Ukraine, sanctions on potash led to an increase in shares. While the share price should definitely have climbed, it climbed far too much, too fast.

After reaching about $140 per share, Nutrien stock is now down hovering near $100 per share. This has brought it down to a price that investors can handle and should consider. It’s now a valuable stock trading at 5.22 times earnings, with a dividend yield at 2.92%.

Shares are still far down by 33% in the last year as of writing and 3.7% year to date. However, long-term investors are likely to be highly rewarded. The company continues to grow both through acquisitions as well as organically. Part of this latter part was influenced by the pandemic, where the company increased its e-commerce options. Now, it’s a stable stock that long-term investors should love.

Here’s what you could get for investing $1,000 in Nutrien stock as of writing.


Bottom line

Seize the opportunity while you can! These two strong and stable TSX stocks have a lot more room to grow. So, even $1,000 could certainly help your portfolio by choosing one, or both, on the TSX today.

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 Amy Legate-Wolfe has no position in any of the stocks mentioned. The Motley Fool recommends Nutrien. The Motley Fool has a disclosure policy.

More on Dividend Stocks

Happy family father of mother and child daughter launch a kite on nature at sunset
Dividend Stocks

Parents: Here’s How to Boost Your Monthly Income

Parents, you have enough to worry about. But if you can put aside even $40 per month, that can create…

Read more »

Various Canadian dollars in gray pants pocket
Dividend Stocks

Looking for a Reliable Retirement Income? Consider These Dividend-Paying Stocks

Investors looking to establish a reliable retirement income have no shortage of options to choose from. Here's a trio of…

Read more »

edit Person using calculator next to charts and graphs
Dividend Stocks

3 Oversold Dividend Stocks That Could Make You Rich When They Bounce Bank

Don't wait around for these oversold dividend stocks to bounce back, each certainly will, which is why now is the…

Read more »

A small flower grows out of a concrete crack.
Dividend Stocks

Down 8% Last Month, Canadian Tire Stock Is a Deal Heading Into June 2023

May wasn't a good month for the stock, but June has been different from the beginning and may present an…

Read more »

Canadian Dollars
Dividend Stocks

Need Passive Income Right Now? Turn $20,000 Into $152 Every Month

This dividend stock may be down now, but offers substantial passive income through its 9.31% dividend yield as of writing!

Read more »

Double exposure of a businessman and stairs - Business Success Concept
Dividend Stocks

Is Exchange Income Stock a Buy?

Even within an industry, some stocks might be worth considering in certain market conditions, while others may be avoided.

Read more »

Dividend Stocks

2 Top Canadian Value Stocks in June 2023

Canadian Imperial Bank of Commerce (CIBC) stock is a compelling buy in June, and so is this Canadian REIT.

Read more »

Illustration of bull and bear
Dividend Stocks

2 Cyclical Stocks to Buy Before the Next Bull Market

The TSX index has been cyclical in the past 12 months, with neither a bearish nor a bullish trend fully…

Read more »