LUN:CC - The Ultimate Growth Stocks to Buy With $7000 Right Now
2024-03-22 16:00:00 ET
There are still quite a few growth stocks that investors might be considering right now on the TSX today. Yet some are far more stable than others — especially if you have $7,000 in contribution room for your Tax-Free Savings Account (TFSA) and want to use it wisely.
Today, we’re going to look at three of the best buys that investors can make among growth stocks. Companies that are going up and should continue to do so for quite some time.
FairFax
If you’re going to put a chunk of that $7,000 towards anything, consider putting it into FairFax Financial Holdings ( TSX:FFH ). Fairfax stock is currently up 70% in the last year! And that’s just icing on the cake for investors who have held it for the last five years or more.
The company has done well for a variety of reasons. First off, its underwriting performance in the insurance industry has caused the company to remain stable even during all of this financial uncertainty.
However, it’s the investments that really get investors excited about the stock. Fairfax stock is headed by Prem Watsa, who has been called the Warren Buffett of Canada. That’s because he focuses on undervalued companies that can provide investors with incredible growth. With Watsa at the helm, the company has surged in share price. And backed by property and casualty insurance, even during tough times, it’s proven to be worth its high share price.
Lundin
Another company that investors will want to consider among growth stocks should be Lundin Mining ( TSX:LUN ). Shares of Lundin stock are up 64% in the last year, and much of this comes from record production in copper .
Lundin stock boasts that copper production remains its focus, with 63% of its operations producing the material. This has proven to be a significant source of revenue, and will likely continue to be the case in the near and distant future.
Copper is used for just about everything, from wiring and plumbing to electronic components. Yet that’s expanding even further, especially with the expansion of renewable energy use. These parts will have a huge role to play, and copper will continue to be in high demand. So, as long as the company can keep up production and stay away from any closures, investors will likely continue to see Lundin stock climb.
Cameco
Speaking of renewable energy, another company that is likely to continue its growth streak is Cameco ( TSX:CCO ). Cameco stock has been on a bull run in the last year, with shares up 65% as of writing. Yet again, this has been helped along by macro economic factors that have only made the company stronger.
There continues to be a renewable energy transition on a global scale, with nuclear power identified as a major contributor. It helps that there are already about 483 nuclear reactors around the world, with about 57 under construction. And Cameco stock is one of the largest producers of the mineral that powers these reactors, namely uranium.
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Uranium spot prices continue to rise with the high demand, and that’s not likely to drop any time soon — especially with more and more nuclear reactors coming online. While it may not last forever, the next decade continues to look promising for Cameco stock and its investors.
The post The Ultimate Growth Stocks to Buy With $7,000 Right Now appeared first on The Motley Fool Canada .
Fool contributor Amy Legate-Wolfe has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Fairfax Financial. The Motley Fool recommends Cameco. The Motley Fool has a disclosure policy .
2024