WPRT - TSX Cracks 20000: 2 Stocks That Helped Break the Record
The S&P/TSX Composite Index has made a comeback from some of the worst conditions created by the pandemic and managed to break through the 20,000-point level barrier for the first time in its existence.
June 1, 2021, saw the TSX surge from its March 23, 2020, bottom brought on by the panic-fueled and frenzied selloff, as the pandemic and subsequent lockdown measures took hold of the economy.
Historically low interest rates, a change in consumer habits, and commodities rebounding strongly are some of the primary contributors to the bullish run for the index. The significant jump for the TSX allowed it to become the 21st-ranked market among 92 peers.
Some individual stocks are still struggling in negative territories after hitting their March 2020 lows. However, two of the newest entrants on the S&P/TSX Composite Index are leading the charge with massive gains .
AcuityAds Holdings
AcuityAds Holding (TSX:AT) is trading for $14.14 per share at writing. The stock is up by almost 1,500% since is March 2020 bottom, and it is a stock worthy of considering for your portfolio in the long run. The firm offers a digital marketing platform to marketers that help them boost their performance.
AcquityAds Holdings’s digital marketing platform boosts conversion rates by controlling how consumers flow through online sales funnels, helping marketers do what they do with greater effectiveness. Its massive gains are there, despite the 60% decline in its value during recent weeks.
It is a stock worth keeping a close eye on right now. The significant decline in its valuation could present you with an excellent opportunity to buy the stock on the dip. As far as high-growth tech stocks are concerned, AcuityAds Holdings is right there among the top performers on the TSX right now.
Westport Fuel Systems
Westport Fuel Systems (TSX:WPRT) (NASDAQ:WPRT) is trading for $6.71 per share at writing. The stock is up by almost 480% from its March 2020 bottom, and it is another viable stock to consider adding to your portfolio if you have a long-term investment horizon. Westport Fuel Systems is an alternative fuel company.
When we think of alternative fuel, electric vehicles are the first things that come to mind. LPG and CNG are two viable alternatives to gasoline that people rarely consider. These two alternative fuels boast much more power than electric vehicles and offer a cleaner alternative to gasoline. Westport Fuel Systems is a company that has been operating in this sector for over five decades.
The company is well positioned to capitalize on the global transition to cleaner alternatives. The company already sells its products in 70 countries worldwide and boasts a vast and geographically diversified infrastructure portfolio. The stock is down by 55% from its February 2021 peak, and it could be an excellent addition to your portfolio for its long-term upside potential.
Foolish takeaway
AcuityAds Holdings and Westport Fuel Systems are two of several equity securities driving the TSX index higher with such monumental gains. It could be worth your while to consider adding the two equity securities to your portfolio so that you can also capitalize on the upside potential and become a wealthier investor in the long run.
The post TSX Cracks 20,000: 2 Stocks That Helped Break the Record appeared first on The Motley Fool Canada .
Fool contributor Adam Othman has no position in any of the stocks mentioned.
2021