Don’t let the market’s recent run-up keep you on the sidelines today. The S&P/TSX Composite is up close to 10% on the year and has set new all-time highs several times in 2024. However, plenty of top Canadian stocks are still trading at attractive prices right now.
I’ve put together a well-diversified basket of five Canadian stocks. At today’s prices, investors can own the entire basket for less than $500.
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Air Canada
The airline space can be a tricky one. It’s a cyclical industry that’s no stranger to high levels of volatility.
Air Canada (TSX:AC) is currently trading far below all-time highs. Canada’s largest airline has struggled to return anywhere near its pre-pandemic levels. Today, shares are down more than 50% since the beginning of 2020.
Airline stocks certainly are not known for their market-beating returns. However, Air Canada has a track record of outperforming the Canadian market.
Long-term investors interested in the airline space won’t want to miss this buying opportunity.
Bank of Nova Scotia
The Canadian banks are both trading at great prices today and pay sky-high dividend yields.
Bank of Nova Scotia (TSX:BNS) is not only the highest-yielding of the Big Five today but is also the only one of five yielding above 6%.
In addition to a top yield, the bank has been paying a dividend out to its shareholders for close to 200 consecutive years.
Now’s as good a time as any to load up on a Canadian bank. And with a dividend that’s hard to match, Bank of Nova Scotia would be my choice.
Brookfield
Why own a broad index fund when you could own the market-beating stock Brookfield (TSX:BN)?
Brookfield is as diversified stock as you’ll find on the TSX. The global company owns and operates assets across a wide range of different industries.
Despite the stock’s broad diversification, though, it hasn’t had any trouble outperforming the Canadian market in recent years.
goeasy
Speaking of market-beating returns, growth investors should have this discounted stock on their watch list today.
goeasy (TSX:GSY) has been on an incredible run over the past year, returning more than 50% to its shareholders. The growth stock is now down just 15% from all-time highs.
It was only a matter of time before goeasy returned to its market-beating ways. There’s still time if you’re hoping to pick up shares at a discount.
Shopify
Shopify (TSX:SHOP) is well up from its pandemic lows, but the tech stock is still down more than 50% from all-time highs. Still, shares are up a market-crushing 120% over the past five years.
It’s been a volatile past few years for Shopify. And as a shareholder myself, that’s not something I’m expecting to change anytime soon. In Shopify’s case, volatility is a price to pay for the chance of earning market-crushing returns.
The business remains loaded with long-term growth potential. The company has established a competitive global position in the growing commerce space.
If you’re willing to hold through inevitable volatile periods, Shopify is worth serious consideration at this price.
