If you are searching for the best Canadian stocks to invest in for the long term, this list of three stocks could be a good starting point. The Canadian stock market and the Toronto Stock Exchange have not always had a strong reputation for generating high returns compared to other markets, such as the United States, which is home to many large technology companies.
However, there are still opportunities to make money in the Canadian stock market due to lower competition. These three Canadian stocks are worth considering based on the current market conditions:
Dollarama is the first company on our list of the best Canadian stocks to invest in. The company has a market capitalization of approximately 23.54 billion Canadian dollars and is known for offering a wide range of products for less than $1. Dollarama has stores throughout Canada, primarily in convenient locations such as urban areas, midsize cities, and small towns.
In the current economic climate, defensive stocks that can provide stable returns have become popular, and Dollarama is considered one of the top consumer defensive stocks in Canada. The company’s affordable product range and widespread presence make it a good choice for Canadians looking to purchase multiple products during times of economic uncertainty. Experts predict that Dollarama’s growth in earnings and revenue could potentially double in 2023.
Canadian Natural Resources (TSE:CNQ)
Canadian Natural Resources has a market capitalization of approximately 80.20 billion Canadian dollars and is involved in the oil and gas industry. Oil prices have been on the rise and are expected to continue increasing in the coming years. Over the past decade, Canadian Natural Resources has been one of the top-performing oil stocks. If you are considering investing in the oil industry, Canadian Natural Resources is a leading producer in North America and may be a good choice.
Telus is the third company on our list of the best Canadian stocks to invest in for the long term. The company has a market capitalization of approximately 40.14 billion Canadian dollars and is a leading telecom company in Canada. There are only a few 5G companies in Canada, so investors often need to look to the United States for opportunities in this sector.
Telus is the best Canadian telecom stock to consider in terms of both 5G exposure and overall growth potential. The company is a major player in the telecom industry in Canada and could be a good choice for investors looking to buy Canadian stocks.
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