TOI:CC - Got $1000? 3 Stocks to Invest in for November 2023
2023-11-29 20:00:00 ET
If you’ve been sitting on some cash thinking about when to invest, now may be the time. All of North America seems to be quite positive about the future of the markets. In fact, the federal governments in both Canada and the United States may be done raising interest rates. And with inflation getting under control as well, it looks like we’re in for a far better year in 2024.
So if you have $1,000, now is the time to consider some strong stocks like these.
Topicus.com
There aren’t many tech stocks out there that you can claim will do well in the future. Yet Topicus.com ( TSXV:TOI ) could be one of these stocks. The company has been growing dramatically since coming on the market, yet that alone isn’t the reason why I would pick up the stock.
No, I would buy Topicus stock (and have) because it’s a spin off of Constellation Software ( TSX:CSU ). CSU stock has grown substantially in the last decade, now trading over $3,000 per share! That comes from acquiring essential software such as library software, the software running our subways, and more.
Now, Topicus stock is doing the same thing, with the same management team, but in Europe. So you can get a great deal and hold this stock for the next decade as well. You then could see very similar results.
goeasy
Another stock seeing major growth that I would consider these days is goeasy ( TSX:GSY ). Goeasy stock has been climbing in share price as investors finally catch on that its record results aren’t going to slow down. The company has been growing as a loan provider for the last 30 years!
Yet goeasy stock isn’t done yet. It offers a great deal after the federal government made some major changes last year. These involve providing a maximum annual percentage rate (APR) of interest at 35%. Some thought this would hurt goeasy stock, yet it has proven the opposite.
Now, smaller, high interest companies are going to push loan seekers into the arms of goeasy stock. You can therefore look forward to even more record-setting growth, and what’s more a 2.92% dividend yield as well. All while trading near 52-week highs.
Dollarama
Now on the surface you may not want to invest in Dollarama ( TSX:DOL ) given that Dollarama stock tends to do well during economic downturns. That’s what happens with an entire country looking for lower cost items. So when inflation rises, Dollarama sees a rise in customers as well.
The thing is, Dollarama stock has managed to not just increase customers, but keep them. This comes from creating more options that are at a higher cost of perhaps around $5, but are attached to well-known brand names. So while you’re shopping for items you want on the cheap, you can also pick up the brands you know and love.
Furthermore, Dollarama stock is a great long-term hold with a conservative management team that’s proven its worth over the years. The company has acquired Dollarcity in Latin America as well, leading to even more growth. So I would certainly consider Dollarama stock in any scenario. Not just during a downturn.
The post Got $1,000? 3 Stocks to Invest in for November 2023 appeared first on The Motley Fool Canada .
Fool contributor Amy Legate-Wolfe has positions in Goeasy and Topicus.com. The Motley Fool has positions in and recommends Topicus.com. The Motley Fool recommends Constellation Software. The Motley Fool has a disclosure policy .
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