Got $100? 2 Top Canadian Stocks to Buy and Hold

Don’t miss your chance to load up on these two Canadian stocks at bargain prices.

Nicholas Dobroruka

Nik has been writing for The Motley Fool Canada since 2020. After studying marketing at University in his hometown of Montréal, Nik decided to pack up and move west to Vancouver. By day, Nik is a digital media ninja, specializing in Programmatic advertising. By night, you can find him either Mountain biking in Vancouver’s famous North Shore trails or writing for TMF Canada. Tech, digital payments, and renewable energy are three areas that Nik enjoys following and writing about.

Published August 20, 2024 3:30 pm EDT

There’s no shortage of discounted stocks to choose from on the TSX today. Whether you’re looking for a dependable Dividend Aristocrat or a future multi-bagger tech stock, there’s at least one company for you.

Investing in Canadian stocks today

With all the discounts available, it doesn’t take much cash to start investing in the Canadian stock market.

I’ve reviewed two Canadian stocks that investors can own for less than $100 right now.

If you’ve been thinking about putting some cash to work in the stock market, these two companies should be on your radar.

Stock #1: Brookfield Renewable Partners

Alongside many others in the renewable energy space, Brookfield Renewable Partners (TSX: BEP.UN) has struggled to return to all-time highs from 2021. The $20 billion company is down close to 50% from the beginning of 2021, excluding dividends.

One positive about the recent selloff is that the dividend yield has shot up. At today’s stock price, its dividend is yielding close to more than 5%.

Brookfield Renewable Partners is also no stranger to delivering market-beating returns. The industry as a whole is going through a downturn, but that doesn’t take away from the long-term growth potential of the renewable energy space. The stock has a proven market-beating track record, and there’s no reason to believe why it can’t continue returning market-beating returns in the coming decades.

If you’re a long-term investor who’s bullish on the rise of renewable energy consumption, now’s the time to be loading up on a market leader like Brookfield Renewable Partners.

Stock #2: Lightspeed Commerce

Investors might need to be more patient with this pick. Shares of Lightspeed Commerce (TSX: LSPD) are down a whopping 90% from all-time highs and are now trading below the price the stock went public at.

Huge amounts of growth were pulled forward in 2020 and 2021, for which investors had to pay the price. If you were lucky enough to time both the rise and fall of the stock, you’d be sitting pretty today. But for anyone who started buying shares of Lightspeed after September 2021, there hasn’t been much to cheer about.

On the bright side, the business itself has been gaining momentum as of late. Shares popped close to 20% when the company presented its most recent quarterly earnings report. The market seemed to be pleased with the company’s strong revenue growth. In addition, the company announced that founder Dax Dasilva would remain as the permanent chief executive officer.

Short-term investors may not see a ton of upside here. Long-term investors, however, should give Lightspeed serious thought.

If you’re willing to be patient, this cheap growth stock is worth taking a chance on.

Foolish bottom line

Being patient isn’t easy. And that’s especially true when it comes to your hard-earned money. Unfortunately, though, patience is a key ingredient of a successful investment portfolio.

Brookfield Renewable Partners and Lightspeed both have a long runway of growth potential in front of them. They both happen to be trading at opportunistic discounts, too.

Investors who can afford to be patient won’t want to miss out on these two screaming deals.