5 Top Stocks to Buy in October [PREMIUM PICKS]

Here are five hand-picked stocks the team at Motley Fool Canada thinks are particularly smart investments this month.

Iain Butler

Chief Investment Advisor, Motley Fool Canada Fool since November 2012 Iain Butler is Lead Advisor for Stock Advisor Canada. He is also the Chief Investment Advisor for Motley Fool Canada. Before joining the Fool, Iain was a “buy-side” analyst and through this experience is well-versed in the idiosyncratic ways of the Canadian market. His investing interests are centred on scouring the market for interesting businesses that trade at reasonable prices and offer an appealing risk/reward relationship. Since joining the Fool in 2012, Iain dedicates each day to spreading Foolishness throughout this great country!

Published October 11, 2024 4:10 pm EDT

Tractor spraying a field of wheat — Source: Getty Images

Premium content from Motley Fool Stock Advisor Canada

If you have money to put to work in the market this month, we think these five companies are some of the best stocks to buy now.

“Best Buys Now” Pick #1:

Nutrien (TSX: NTR)

Nutrien (TSX: NTR) is a leading provider of fertilizers such as potash and nitrogen. The company also owns a global network of retail outlets where its fertilizers are distributed, along with many other goods and services that go into improving agricultural productivity.

As with all commodity producers, there are times when Nutrien looks like an incredibly attractive buying opportunity, and we think now is one of those times.

While the retail network offers a relatively steady-as-she-goes business, the fertilizer part of Nutrien is highly susceptible to volatile commodity markets. Potash especially drives the bus, and over the past year or so, we’re of the mind the market has taken an overly short-term stance on this front.

The simple take on all of this is that the world isn’t creating more arable land. Therefore, to feed a growing population, the arable land that exists needs to become more productive. That’s where fertilizers come in, and while short-term whimsy can knock this situation around, there’s no escaping that simple take over the long term.

This company has been around for decades and will be for decades more. And buying shares when the market is more focused on short-term whimsy than the long-term inevitability makes good, Foolish sense to us.