Got $1,000? 3 Stocks to Buy Now While They’re on Sale 

For investors looking for stocks to buy on sale, here are three top options on the TSX that certainly look like solid value right now.

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For those thinking about putting $1,000 into the stock market, there are thousands of options to choose from. For Canadian investors targeting TSX stocks, that number is certainly smaller than other markets like the U.S. But the great news is that there are plenty of high-quality stocks to consider from different angles.

I’m going to highlight three picks I think will work for most investor types. These stocks span the spectrum from growth to income and value. Investors looking to take a long-term view of the market may benefit from holding all three. Indeed, these are the three top stocks on my watch list right now.

So, without further ado, let’s dive in!

Shopify

A prominent global provider of e-commerce solutions to small- and medium-sized businesses, Shopify (TSX:SHOP) remains a top growth stock on my radar right now. The company continues to see strong growth, though a recent selloff tied to the company’s most recent earnings report and guidance has been a buzzkill for certain investors.

That said, it’s my view that Shopify’s growth trajectory remains intact. This isn’t the triple-digit grower it once was. But the company’s revenue growth rate of around 35% in recent years is one I think can stay intact. The company continues to diversify its operations into new services beyond its core e-commerce platforms, like fulfillment and payment solutions. And the outlook for the global e-commerce market remains positive, presenting Shopify with numerous growth opportunities. 

Fortis

Moving toward a more dividend-oriented company, Fortis (TSX:FTS) is a top stock to buy for those seeking income generation over time. The company’s status as a top dividend stock is supported by more than five decades of consistent annual dividend increases. Indeed, this is a top utility stock that continues to shine from a dividend-growth perspective alone.

This dividend is paid out from a growing stream of cash flows tied to its regulated utilities business. With a growing business in the U.S. and a stable customer base in Canada, Fortis remains a top option I think investors need to consider right now.

With the electrification trends firmly in place, we’re going to need power, and a lot of it, in the years to come. Fortis will provide that power and power your portfolio with a 4.3% yield that looks poised to keep growing.

Bank of Nova Scotia

Last but certainly not least, we have Bank of Nova Scotia (TSX:BNS). In my view, Scotiabank marries the concepts of growth and income nicely. On the dividend front, BNS stock pays investors a healthy yield of 6.5%. And it’s worth pointing out that this company is no slouch in terms of capital appreciation. A peek at its longer-term stock chart tells long-term investors everything they need to know.

A “Big Five” Canadian bank, Scotiabank benefits from the stability of the Canadian banking system. Yes, there are risks tied to the bank’s exposure to the Canadian residential and commercial real estate markets. But with the Bank of Canada expected to be among the first global central banks to cut rates, it’s possible Scotiabank’s stock could be due for a near- to medium-term rise.

That said, this is a stock I think pays to take a longer-term perspective with. Scotiabank is among my top picks on the TSX for its stability, cash flow, and dividend profile.

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 Chris MacDonald has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Shopify. The Motley Fool recommends Bank Of Nova Scotia and Fortis. The Motley Fool has a disclosure policy.

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