The TSX today remains a volatile place, though one that could be showing signs of improvement. Investors continue to get back into the market as tech companies produce strong earnings, and rate hikes look like they could be behind us.
Yet does that mean the top TSX stocks of this year are due to drop or go higher? Let’s look at these three and figure that out.
Coming in at first place, Cameco (TSX:CCO) shares are up a whopping 84% year to date as of writing. This comes from the company’s position as the world’s largest publicly traded uranium producer. And that’s only going to become more of a necessity in the future.
After all, the world over is making more nuclear reactors. India and China in particular are highly populated areas that are looking to create clean energy solutions, with nuclear reactors proving to be the best solution. Meanwhile, the United States alone already powers 20% of its energy through nuclear power.
With this industry only going to grow in the next few years, Cameco stock still looks like a great buy. In fact, as the market improves, it’s likely to surge even further for those seeking growth opportunities among TSX stocks.
Shopify (TSX:SHOP) is another of the TSX stocks that’s beaten all the rest. And that became even more so during its recent earnings. Shares of Shopify stock are up 82% as of writing year to date. That’s after jumping 30% in the last few days, thanks to another stellar earnings report.
This earnings report proved that the movements made by Shopify stock are working. Those moves included cutting staff, selling its logistics business, and rolling out artificial intelligence with a focus on e-commerce.
Now, the company is coming up to its Black Friday to Cyber Monday weekend. This has historically been the best weekend for the stock in terms of sales. So, there’s likely going to be even more growth for Shopify stock coming the way of investors.
Finally, the last of the top three TSX stocks here is Fairfax Financial Holdings (TSX:FFH). Fairfax stock has seen shares rise by 54% year to date as of writing. While that’s quite a few percentage points below the others on this list, it’s come with far fewer dips.
That’s because the company has two methods of gaining income. First, there’s its property and casualty insurance, which has proven to be highly successful. Then the company has been successful at finding growth and value opportunities to expand its portfolio.
That’s likely why investors continue to pick up the stock and why the last year has not only seen great growth but stable growth. So, if you’re looking for a company to grab and hold for years, Fairfax stock is certainly one of the top TSX stocks to consider.
Not all growth stocks are perfect buys. In fact, many times, if you’re looking for an opportunity, you may have missed out. The thing with these three, however, is that the opportunity looks like it’s only ramping up. When the market heats up once more, these three could soar through the stratosphere.