The Best TSX Stocks for Canadians to Buy With $700 on Hand

These TSX stocks may not cost much but can provide you with stability as well as growth like no other in the coming years.

Amy Legate-Wolfe

Author Bio Amy became interested in investing in 2018 after having her first daughter. After receiving a masters degree in journalism from Western University, she became frustrated that the finance industry remained a confusing place for Canadians like her: new parents, millennials, and other young people who needed to understand their finances. Now, Amy focuses on tech companies and renewable energy for growth opportunities, coupling that with long-term investing strategies and equities. She also provides investors with a daily newsletter, Canada Stock Digest, for daily market updates. Her work can also be found at Canada's National Observer, where she writes on the business side of climate action. Before joining Motley Fool Canada, Amy wrote for major news organizations including HuffPost, CTVNews.ca, and CBC. When she’s not researching investing strategies, Amy’s time is pretty much monopolized by her two wild daughters, but in what little spare time she has she loves to do yoga, go on walks with her dog, and travel with her husband. Social Media Follow Amy on LinkedIn and Canada Stock Digest. Favorite Investment Quote “October: This is one of the particularly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February.” – Mark Twain

Published November 12, 2024 4:30 pm EST

Investing in the stock market can be both exciting and rewarding, especially when considering companies with strong performance and promising outlooks. With a budget of $700, three TSX-listed stocks stand out as compelling options. Let’s explore why these companies could be excellent additions to your portfolio.

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WELL Health

WELL Health Technologies (TSX: WELL) is a digital healthcare company focused on leveraging technology to improve health outcomes. In the second quarter (Q2) of 2024, WELL reported record revenues of $231.6 million, a 42% year-over-year increase driven by 21% organic growth. The TSX stock also raised its annual revenue guidance to between $970 million and $990 million, indicating confidence in sustained growth.

WELL’s strategic acquisitions and expansion of its clinic network have bolstered its market position. The TSX stock’s focus on integrating technology into healthcare services positions it well to capitalize on the growing demand for digital health solutions. With a current stock price of around $4.80, your $700 investment could acquire approximately 145 shares. Thus, WELL Health offers the potential for appreciation as the company continues to expand.

StorageVault

StorageVault Canada (TSX: SVI) specializes in owning, operating, and managing self-storage and portable storage spaces across Canada. As of writing, the TSX stock had a market capitalization of approximately $1.54 billion. Despite a profit margin down 17.21%, StorageVault’s operating margin stands at 25.57%, reflecting efficient operations. The TSX stock’s revenue for the trailing 12 months was $298.73 million, with a quarterly revenue growth of 4.20% year over year.

The self-storage industry has shown resilience, with consistent demand driven by urbanization and lifestyle changes. StorageVault’s extensive network and strategic acquisitions have strengthened its market presence. With a current stock price of around $4.15, a $700 investment would allow you to purchase approximately 168 shares, thereby positioning you to benefit from the company’s steady growth and potential dividends.

Hut 8

Hut 8 (TSX: HUT) is a cryptocurrency mining company and one of North America’s largest digital asset miners. In the first half of fiscal 2024, Hut 8 reported revenue of $60.6 million, up from $46 million in the same period the previous year. The TSX stock achieved a net income of $6.2 million, compared to a loss of $81.3 million previously. This turnaround was bolstered by its merger with US Bitcoin, enhancing operational efficiency and financial strength.

The cryptocurrency market is known for its volatility, but Hut 8’s strategic initiatives and improved financial performance suggest potential for growth. With a current stock price of around $26.75, a $700 investment would allow you to acquire approximately 26 shares. Investors should be mindful of the inherent risks associated with the cryptocurrency sector. Yet, at the same time, investors may find Hut 8’s progress encouraging, especially with its investment into data centres, providing even more exposure to the support of the crypto industry.

Bottom line

Diversifying your $700 investment across WELL Health Technologies, StorageVault Canada, and Hut 8 Mining offers exposure to the healthcare, real estate, and cryptocurrency sectors, respectively. These companies have demonstrated strong performance and have a positive outlook, making them attractive options for investors seeking growth opportunities on the TSX. As always, it’s advisable to conduct thorough research and consider your risk tolerance before making investment decisions.