Investing in Canadian Stocks: Top Industries to Watch in 2024

Of all the Canadian stocks to invest in during 2024, these three offer some of the best opportunities for future growth and long-term gains.

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This year is going to be interesting. But in the case of these three industries, it could be very interesting for investors — especially those that choose to get in now before a huge rise (or further one) in share price. So, let’s look at the three industries to watch in 2024 and options to start investing today.

Tech stocks

Yes, tech Canadian stocks is a pretty broad term. However, tech companies continue to have strong growth potential — especially when it comes to innovation and disruption technology, creating entirely new markets and investment opportunities.

What’s more, these are still some of the best long-term investments. Tech Canadian stocks are now woven into every part of our lives, from self-checkouts to running entire businesses from home. This will continue to mean faster computers, more efficient software, and protection.

Companies that will likely continue to benefit are those that provide a strong investment into essential software. Therefore, a company such as Topicus (TSXV:TOI) remains a strong choice for investors. The company is a spinoff of Constellation Software, acquiring essential software companies and producing stable revenue. So, if there’s one tech stock to consider, look into Topicus stock.

Healthcare stocks

Another solid option for investment is health care. Healthcare Canadian stocks are increasing in demand, and that demand remains quite stable. Healthcare is a necessity, not a luxury, and it is an increasing one. This comes from the aging population — not just in Canada but around the world.

Furthermore, there continue to be diversification opportunities. Health care as a sector is vast. You can invest in pharmaceutical companies, technology companies, medical device manufacturers, health insurance, and more. Yet, of them all, real estate could be a strong long-term buy.

That’s why I would consider investing in Chartwell Retirement Residences (TSX:CSH.UN). Chartwell stock offers a 4.96% dividend yield as of writing and continues to expand its presence in Canada. So, if you’re looking for growth and income, it’s a strong option.

Renewable energy

Another strong option to consider for both now and the future is renewable energy Canadian stocks. Yet specifically, uranium might be a strong option for this year and the future. There is a global push to reduce greenhouse gas emissions and transition away from fossil fuels. Renewable energy, of course, is the obvious solution.

Uranium power is a unique case as nuclear power plants are already up and running around the world. Furthermore, there are many under construction in densely populated areas such as India and China. There is the potential for increased nuclear reliance in the future. And this increases the demand for uranium, which powers nuclear power.

This is why shares of Cameco (TSX:CCO) continue to climb so high. Spot uranium prices continue to rise as more reactors are built. And, as it’s the largest publicly traded uranium producer, it stands to benefit enormously from the immediate nuclear-powered future. So, while shares are up 86% in the last year, they could climb even higher.

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 positions in The Motley Fool has positions in and recommends The Motley Fool recommends Cameco and Constellation Software. The Motley Fool has a disclosure policy.

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