Rising From the Ashes: Canadian Stocks Bouncing Back Stronger

These Canadian stocks offer unreal growth from their climbs during 2023, but even more is likely on the way during 2024.

Amy Legate-Wolfe

Author Bio Amy became interested in investing in 2018 after having her first daughter. After receiving a masters degree in journalism from Western University, she became frustrated that the finance industry remained a confusing place for Canadians like her: new parents, millennials, and other young people who needed to understand their finances. Now, Amy focuses on tech companies and renewable energy for growth opportunities, coupling that with long-term investing strategies and equities. She also provides investors with a daily newsletter, Canada Stock Digest, for daily market updates. Her work can also be found at Canada's National Observer, where she writes on the business side of climate action. Before joining Motley Fool Canada, Amy wrote for major news organizations including HuffPost, CTVNews.ca, and CBC. When she’s not researching investing strategies, Amy’s time is pretty much monopolized by her two wild daughters, but in what little spare time she has she loves to do yoga, go on walks with her dog, and travel with her husband. Social Media Follow Amy on LinkedIn and Canada Stock Digest. Favorite Investment Quote “October: This is one of the particularly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.” – Mark Twain

Published December 28, 2023 9:30 pm EST

| More on: DNDGSYSHOP

The last two months have been a hotbed of activity for investors. The stock markets around the world continue to climb higher. And most likely, you’re on holiday! Yet with the end of the year upon us, it’s a great time to start considering companies that could continue to bounce back stronger. So today, let’s look at Canadian stocks aiming to do just that.

Plant growing through of trunk of tree stump — Source: Getty Images

Shopify

Perhaps the biggest winner in 2023 was Shopify (TSX: SHOP), which saw shares climb a whopping 112% in the last year, as of writing. Shopify stock went from ashes to flying high after making several positive changes to its overall company.

The ecommerce stock sold of its logistics business, focusing back on creating the best platform for its clients. That’s been quite successful, and at its recent Investor Day analysts were impressed. Shopify stated it will continue to work towards a profit if only for the aim of continuing to build out the best platform for clients.

Yet these announcements will now come with more growth. So with shares finally surpassing $100 once more, I would say that 2024 should see even more growth for Shopify stock. Especially when consumers have more cash on hand.

Dye & Durham

Perhaps less of a growth story, but still climbing among Canadian stocks is Dye & Durham (TSX: DND). DND stock was one of the first companies to fall during the fall of tech stocks. This is because the company increased costs at a time when Canadians were looking to put cash aside.

Yet since then, DND shares have fallen more and more over the last year. Further, it missed out on several earnings estimates. However, in the more recent past, the last two months have seen immense growth for the software company.

So it could be that DND stock is finally rising once more, with shares up an incredible 87% in the last two months alone!

goeasy

Finally, goeasy (TSX: GSY) is another of the Canadian stocks making a roaring comeback. The loan provider saw shares drop out of fear that higher interest rates would lead to lower loan originations. However, this was certainly not the case. Goeasy stock instead saw record loan originations quarter after quarter.

Then there was the fear that a new move by the federal government to bring down annual interest rate levels would also hurt goeasy stock. Yet again, the company stated this would more than likely bring more business their way.

So all in all, shares have been soaring back to where they were before the fall. Goeasy stock is now up 48% in the last year, soaring to 52-week highs! Plus, it still offers a dividend yield at 2.41%, and value trading at 13.4 times earnings. So if you’re in the market for growth, dividends, and estimate-beating earnings, I would certainly consider goeasy stock as well as the others on this list in 2024. Especially if you want to end 2023 on a high note, and go into 2024 even higher.