Best ASX Stocks to Purchase in March 2024

As the first day of autumn arrives, it's time to reflect on the strides made in the ASX arena during the initial two months of 2024. The market has weathered another earnings season, and investors are now contemplating the opportunities that lie ahead.

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A Market Overview

The S&P/ASX 200 Index (ASX: XJO) has set a positive tone for the year, boasting a commendable 0.98% increase. The financial landscape appears promising, and our writers have identified potential buying opportunities among ASX shares.

The Top Picks for March 2024

Our team of experts has highlighted six ASX shares, ranging from the smallest to the largest market capitalizations as of the market close on 29 February 2024.

1. IPD Group Ltd (ASX: IPG) - $506.56 million

IPD Group is an Australian electrical product distributor with a rich history spanning over 70 years. Often dubbed the "Bunnings of specialized electrical products," IPD has positioned itself as a go-to source for various equipment, including power distribution, monitoring, motor control, and automation.


Mitchell Lawler underscores the numerous demand drivers for electrical equipment in the coming years, aligning with IPD's diversified range of offerings. The company's recent net profit after tax (NPAT) growth of 22.5% to $9.8 million showcases its solid performance.

2. Global X Battery Tech & Lithium ETF (ASX: ACDC) - $589.06 million

This exchange-traded fund (ETF) tracks the Solactive Battery Value-Chain Index, encompassing stocks related to battery technology.


Tony Yoo emphasizes the long-term demand for batteries amid the transition to a less carbon-intensive future. The ETF provides diversification, offering investors exposure to the entire industry rather than betting on individual miners.

3. Johns Lyng Group Ltd (ASX: JLG) - $1.75 billion

Johns Lyng specializes in restoring buildings and contents after insured events, such as fires, storms, or flooding. The company also has a growing presence in catastrophe work.


Tristan Harrison sees potential in Johns Lyng's 'business as usual' (BAU) revenue, which rose 13.7% to $426.1 million. Despite short-term fluctuations, the company's demonstrated operating leverage and expansion into the strata industry offer exciting prospects.

4. Flight Centre Travel Group Ltd (ASX: FLT) - $4.70 billion

One of the world's largest travel agency groups, Flight Centre operates globally, managing corporate travel networks in over 90 countries.


Bernd Struben believes the Flight Centre share price is undervalued over the long term, given the company's earnings and revenue growth. The return to profitability, with NPAT reaching $86 million, signals positive momentum.

5. Woolworths Group Ltd (ASX: WOW) - $39.85 billion

Woolworths is Australia's largest supermarket operator, with additional brands such as Big W and a growing presence in the pet care market.


James Mickleboro sees an opportune moment to invest in Woolworths, considering its leadership position in a defensive market. The recent share price weakness offers an attractive dividend yield of around 3.2%.

6. CSL Ltd (ASX: CSL) - $138.28 billion

CSL is the largest healthcare company in Australia, boasting global operations in plasma collections, vaccines, and blood medicine.


Sebastian Bowen views the recent challenges faced by CSL as an opportunity. Despite setbacks, CSL's growth remains robust, evidenced by a 12% dividend hike and a lucrative plasma collections business.

Seizing Opportunities in a Transformative Market

As the autumn leaves fall, investors are urged to consider these ASX shares for their portfolios. Each company brings a unique set of strengths and growth potential, aligning with the evolving landscape of the Australian stock market.

Location: Australia

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