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4 Stocks to Buy Right Now With $4,000

The Motley Fool ·  15:30

The S&P/TSX Composite Index is sitting on a return of more than 10% in 2024, not even including dividends. The year hasn't been without volatility, but aside from that, Canadian investors have not had much to complain about over the past eight months.

If you've been thinking of putting some money to work in the Canadian stock market, now could be a great time. With more interest rate cuts potentially around the corner, the market could be in for more bullish swings.

Here's a well-diversified basket of four top Canadian stocks to add to your watch list right now.

goeasy

If there's one Canadian stock that could surge from interest rate cuts, it's goeasy (TSX:GSY).

The consumer-facing financial services provider saw demand plummet as interest rates suddenly began spiking. As a result, shares unsurprisingly began tanking.

At one point in 2023, shares were down more than 50% below all-time highs from 2021. Over the past year though, the growth stock is up 50% and trading just shy of all-time highs, putting shares up a market-crushing 250% over the past five years.

Don't miss your chance to load up on goeasy while shares are still on sale.

Lightspeed Commerce

Investors in search of multi-bagger returns should have this beaten-down tech stock on their radar.

The highly volatile Lightspeed Commerce (TSX:LSPD) has been through all kinds of highs and lows since 2020. Shares have been on the decline since late 2021 and are now trading at just about the same price that the company went public at in 2019.

As a global player in the growing commerce space, there are a lot of reasons to believe Lightspeed can continue driving double-digit revenue growth rates for years to come.

Patient investors should seriously consider starting a position at these bargain prices.

Northland Power

Speaking of buying opportunities, long-term investors should not overlook the renewable energy space today. The sector is full of top-quality stocks trading at great prices — not to mention impressive dividend yields.

The cyclical nature of the renewable energy space makes this an opportunistic time to invest in a company like Northland Power.

Like many of its peers, shares of Northland Power (TSX:NPI) have been on the decline since early 2021. Excluding dividends, the energy stock is now trading at a loss over the past five years. One silver lining is that the dividend yield has shot up to above 5%.

While shares may have struggled as of late, Northland Power is no stranger to outperforming the market's returns.

Long-term investors would be wise to consider loading up on a renewable energy company today.

Brookfield Infrastructure Partners

With all that talk of volatility, Brookfield Infrastructure Partners (TSX:BIP.UN) is not a stock that you need to think twice about before buying.

The dependable utility stock can provide a portfolio with both defensive qualities and passive income. Both of which can ultimately help minimize the impact of volatility.

There's not a whole lot to get excited about with utility companies. But if you plan on owning high-growth companies like Lightspeed in your portfolio, having a company like Brookfield Infrastructure Partners could go a long way.

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