The Top Stocks to Buy With $10,000 Right Now

Have some extra cash to spare? Here are three top TSX stocks that you should be loading up on today.

| More on:
money cash dividends

Image source: Getty Images

It hasn’t been easy trying to keep up with the sentiment of the Canadian stock market in 2023. The S&P/TSX Composite Index is just about flat on the year, but the index has experienced all kinds of volatility over the past 10 months.

The market is coming off a week where it surged an incredible 5%. But that’s coming after a loss of close to 5% that occurred in the two weeks prior. Spikes like these have been occurring throughout the entire year, leaving many investors at a loss for words and no clear idea of what’s to come in the last two months of 2023.

While the short-term future of the market may be full of question marks, long-term investors don’t need to be overly concerned about that. Anyone who has a time horizon of 10 years or longer has the luxury of being able to patiently wait through volatile market periods like this. In addition, there are loads of high-quality TSX stocks trading at bargain prices today.

If you’re a long-term investor with a little extra cash to spare, here are three discounted picks to add to your watch list today.

Stock #1: Bank of Nova Scotia

In times of volatility, the Canadian banks can be a perfect place to turn to. The Big Five have very dependable track records and are all paying impressive dividends today.

Bank of Nova Scotia (TSX:BNS) is currently yielding a whopping 7%. That ranks it as the highest amongst the major Canadian banks today. 

The banking sector could offer long-term investors with a lot of upside today. Excluding dividends, Bank of Nova Scotia is down more than 30% since the beginning of 2022.

Patient passive-income investors with a long-term time horizon cannot go wrong with this beaten-down bank stock.

Stock #2: goeasy

Investors looking to add some growth to their portfolios this year should have a closer look at goeasy (TSX:GSY). 

The growth stock is down nearly 50% from all-time highs that were set in late 2021. Still, shares are up a market-crushing 190% over the past five years. 

The high interest rate environment has understandably hurt demand for goeasy’s financial services in the short term. But for those in it for the long haul, this is not a growth stock I’d expect to be trading at a discount for much longer.

Stock #3: Brookfield Renewable Partners

This discounted renewable energy stock offers investors the best of both worlds. Not only does it have a track record of market-beating returns, it’s also yielding above 5% right now. Add in the fact that it’s trading at a massive bargain, and there’s a whole lot to like about this company.

Along with many others in the sector, Brookfield Renewable Partners (TSX:BEP.UN) has been on the decline for close to three years now. Excluding dividends, shares are down more than 40% since the beginning of 2021. Even so, the energy stock has still doubled the returns of the Canadian market over the past five years. 

Long-term renewable energy investors do not want to be on the sidelines right now. Demand for clean energy is only expected to continue growing in the coming years. And with Brookfield Renewable Partners already established as an international leader, this is a top company to own the space.

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 Nicholas Dobroruka has positions in Brookfield Renewable Partners. The Motley Fool recommends Bank Of Nova Scotia and Brookfield Renewable Partners. The Motley Fool has a disclosure policy.

More on Dividend Stocks

Senior Couple Walking With Pet Bulldog In Countryside
Dividend Stocks

The TFSA Play: Turn $6,500 Into a Retirement Goldmine

This is how I would personally invest a $6,500 TFSA contribution for long-term growth.

Read more »

Retirees sip their morning coffee outside.
Dividend Stocks

TFSA Investors: How to Earn $100 Each Month for Retirement

High-yield dividend stocks like Peyto Exploration and Production offer TFSA investors exposure to very generous yields.

Read more »

Man holding magnifying glass over a document
Dividend Stocks

Dividend Seekers: 2 Incredibly Cheap TSX Stocks to Buy for Dividends

These two TSX stocks can be excellent investments for long-term dividend income in a self-directed portfolio.

Read more »

grow money, wealth build
Dividend Stocks

Can Canada’s Dividend Aristocrats Keep it Up?

Are you interested in dividend stocks? Here are three Canadian Dividend Aristocrats that could keep paying shareholders!

Read more »

The sun sets behind a high voltage telecom tower.
Dividend Stocks

Does Algonquin Stock’s 7.68% Dividend Yield Make it a Buy?

Algonquin (TSX:AQN) stock saw some recent improvements during the last quarter, but is that enough to consider its dividend yield?

Read more »

Illustration of bull and bear
Dividend Stocks

Defensive Sectors: A Safe Haven for Canadian Investors in a Bear Market

There are defensive stocks, and then there are stocks that will help your portfolio soar out of this bear market.…

Read more »

Dividend Stocks

How to Build a Passive Income Portfolio Starting With Just $6,500

Looking to build a passive income portfolio? There's no shortage of great options on the market, including these three stellar…

Read more »

Dividend Stocks

New TFSA Limit for 2024: Where to Invest $7,000

Canadian investors can hold blue-chip TSX stocks such as TD Bank in a TFSA and generate outsized returns in 2024.

Read more »