Top 3 TSX Stocks to Buy in 2024

The TSX Composite Index has been experiencing upward momentum, reaching its highest level in over 22 months. While this surge in the Toronto Stock Exchange may persist in the short term, it's essential to remain cautious amid ongoing global economic uncertainties. To navigate market volatility and optimize long-term returns, investors should focus on quality TSX large-cap stocks with robust growth prospects. Here are three compelling TSX stocks poised for success in 2024 and beyond.


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1. Nutrien (TSX:NTR)

Nutrien, a leading provider of agricultural products and services, presents an enticing buying opportunity in 2024. Despite facing headwinds in 2023, including declining product prices, Nutrien remains well-positioned for growth. With its annualized dividend yield currently at 4.1%, Nutrien stock trades attractively at $71.47 per share, offering investors an attractive entry point.


The company anticipates a rebound in fertilizer sales volumes and robust retail earnings in 2024, driven by sustained demand and market stabilization. As economic challenges subside, Nutrien is poised to deliver strong performance, making it a compelling TSX stock for investors seeking long-term growth.

2. Teck Resources (TSX:TECK.B)

Teck Resources (TSX:TECK.B), a Vancouver-based mining company, has demonstrated resilience and growth potential amidst challenging conditions. Despite facing operational hurdles during the global pandemic, Teck's adjusted earnings have surged by nearly 27% over the past five years. With a focus on base metals and copper growth, Teck is well-positioned to capitalize on evolving market dynamics.


Trading at $56.98 per share with a market cap of $29.5 billion, Teck Resources offers investors stability and growth prospects. With a quarterly dividend of $0.125 per share, Teck rewards investors while maintaining a strong financial position.

3. Dollarama (TSX:DOL)

Dollarama, a renowned value retailer headquartered in Montréal, emerges as a top pick for investors in 2024. With a track record of consistent growth and resilience, Dollarama has delivered outstanding returns for shareholders. Despite economic challenges, Dollarama's earnings have surged by 19% year-over-year, reflecting robust demand for its affordable household products.


Trading at $104.93 per share with a market cap of $29.3 billion, Dollarama continues to outperform the broader market. With a quarterly dividend of $0.0708 per share, Dollarama offers investors a compelling blend of growth and income potential.

Conclusion

In conclusion, investing in TSX stocks with strong growth prospects can mitigate risks and enhance long-term returns. Nutrien, Teck Resources, and Dollarama represent compelling opportunities for investors seeking stability and growth in 2024 and beyond. By strategically allocating investments to these no-brainer TSX stocks, investors can unlock growth potential and achieve financial success.
Location: Canada

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