This year is going to continue being hard for Canadians — especially when it comes to investing. There are going to be some that surge and others that drop, and it could get quite frustrating — that is, unless you’re investing in growth stocks bound to continue doing well.
Granted, that sounds too good to be true. And yet it’s not! All it takes is finding the right sectors, along with the right stocks. This is why we’re going to look at three growth stocks that are bound to keep on climbing.
Consumer essentials
Whether we want to admit it or not, there are just some things that we’re going to need to buy. But that doesn’t mean we have to go to the stores we’ve always hit up. Instead, Canadians are looking for the best deal around to find their must-have products. And that is why Dollarama (TSX: DOL) has done so well.
Shares of Dollarama stock have passed the $100 mark and are unlikely to come back down. The company has far too much stability — not just during a downturn but even in fair weather as well. Dollarama stock will see an increase during a downturn, but that simply continues as the company opens new locations — locations where people will spend money on non-essential items with cash back in their pockets.
So, with shares up 32% in the last year, this is certainly a growth stock I would continue to pick up. And frankly, it’s one that deserves a drip-feed again and again in the years to come.
Utilities
After a large fall at the beginning of this downturn, utilities are starting to make a comeback. And it’s clear why. These are also essential services that will continue in use no matter what happens in the markets. While there are usually hiccoughs as companies adjust to inflation and interest rates, they’re still supported by long-term contracts and a regulated environment.
That’s why so many of these companies are dividend stocks that have even reached Dividend King status! However, if you’re looking for long-term growth, I would look to a company that’s perhaps a bit younger, such as Hydro One (TSX: H). Shares of the company are now up 11% in the last year, and even more since the October bottom.
The company is supported by government contracts, including the province of Ontario with a large stake in the company. It’s also focused on renewable energy, so there will be little adjustment needed should Canada become fully reliant on renewable energy in the future. Overall, it’s a great stock that’s only going to get better — especially in 2024.
Infrastructure
Finally, another essential service we’ll need is infrastructure stocks. While some infrastructure stocks can wait, others certainly cannot. These would include improving our roads, implementing sewage plants, and even telecommunications.
Yet if you want access to a wide range of infrastructure projects, I would look to WSP Global (TSX: WSP). This infrastructure stock has a long history of growth both organically and through acquisitions. It now operates with services ranging from transportation and energy to even environmental use. It’s also widely diversified operating in over 40 countries as of writing.
This diversification in terms of global presence as well as operations provides it with stable growth for investors. Shares are currently up by 35% in the last year, and that looks like it will only continue as well in the foreseeable future.
Bottom line
So, if you’re fearful about 2024, consider these three growth stocks that will keep climbing in April and beyond.
