Got $1,000 Canadian burning a hole in your pocket? It can be quite scary with the markets dropping. Yet if you want to dip your toes into the Canadian stock market, it’s a smart move. You might not be able to buy a bit of everything, but you can grab shares in a few solid Canadian companies while they’re cheap. Here are three interesting ones listed on the TSX that could be good homes for your $1,000.
Methanex
First up, we have Methanex (TSX:MX). These folks are the big cheese in the world of methanol. What’s methanol, you ask? It’s a key ingredient in tons of stuff, from plastics to fuels. Methanex has plants all over the globe from North and South America, to Europe and Asia. That’s some serious global reach! As of writing, its stock was around $37, climbing up slightly from 52-week lows.
Turning to earnings, in the last three months of 2024, Methanex made a net income of US$45 million, or US$0.67 per share. That’s better than the same time the year before! Its revenue for those three months was US$949 million, up almost 3%. Methanex also had a healthy US$879 million in cash and could borrow another US$500 million if needed. Being the world’s top dog in methanol and having operations everywhere gives it a big advantage. Its steady performance makes it a nice pick if you want some exposure to the chemical industry. With $1,000, you could certainly get your money’s worth from this Canadian stock.
Bausch
Next on our list is Bausch Health Companies (TSX: BHC). These guys are all about health! Bausch Health makes and sells a wide range of products from prescription drugs, medical devices, and those over-the-counter things you grab at the drugstore. Its main focus is on eyes, guts, and skin. As of writing, its stock was around $6.50, also slightly higher than 52-week lows.
In the last three months of 2024, Bausch Health brought in US$2.6 billion in revenue, a 6.3% jump from the year before. It also made a net income of US$93 million for that period. With a diverse range of health products and a presence in key medical areas, Bausch Health is a solid player in the healthcare world. Its recent numbers show it can grow its sales and manage things well. With your $1,000, you could certainly make a dent in that $1,000.
Gildan
Last but not least, we have Gildan Activewear (TSX: GIL). You probably own some of their stuff! Gildan is a big global maker and seller of comfy clothes like t-shirts, hoodies, and socks. It has a strong foothold in North America, Europe, Asia, and Latin America. As of writing, its stock was around $53. And that’s a whopping 20% increase from 52-week lows!
In the last three months of 2024, Gildan had record sales of US$822 million, a 5% increase from the year before. Its profit per share was US$0.83, an 11% jump from the year before. Gildan also made more money on each sale because the cost of raw materials went down. With strong sales, a leading spot in the clothing biz, and a focus on keeping costs low and quality high, Gildan looks like a good choice. With your $1,000, you could potentially snag even more growth ahead.
Bottom line
Putting your $1,000 into these three Canadian companies gives you a nice little starter portfolio. You’d have a piece of the chemicals industry, healthcare, and consumer goods. All three have shown they can make money and have plans for the future. As always, do your own homework! Think about your own money goals and how much risk you’re comfortable with before you click that “buy” button.
