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The Toronto Stock Exchange (TSX) keeps breaking all milestones despite the COVID-19 led market volatility. Many stocks are trading at lifetime highs, and few of them are quite consistently paying dividends amid the pandemic crisis. Long-term stability and continuous return on investment (ROI) places a stock among top TSX performers.
As the Canadian economy walks on the recovery path and the TSX touches historic highs, here are five top stocks that deliver excellent returns:
1. Canadian Pacific Railway Limited (TSX:CP)
The second-largest railway stock in terms of market cap has yielded more than 65 per cent in a year, propelled by its unprecedented freight deliveries amid the coronavirus outbreak. The bluechip company also pays quarterly cash dividends to its shareholders. Its double-digit earnings per share (EPS) offering makes it one of the top Canadian stocks.
2. Toronto-Dominion Bank (TSX:TD)
One of the top six Canadian lenders, TD stocks have outperformed the S&P/TSX composite index in a year. It distributes constant dividends to its stockholders every quarter. The financial firm may have further hiked dividend payments in the latest quarter if there was no central bank restriction due to the pandemic.
The bank rebounded from its credit losses faster than expected. It also outperformed Bay Street analysts’ profit estimates in the first two quarters of 2021.
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3. Lightspeed POS (TSX:LSPD)
The cloud-based software leader’s stock is known for its high-growth trajectory, and hence, a solid addition for long-term investors’ portfolios. The company’s growth story is making a buzz among North American investors after it registered high demand in its digital products both during and after phases of lockdown.
This tech stock rides the e-commerce wave along with its point-of-sale (PoS) solution offerings to its brick-and-mortar store clients.
After operating with less than half of its capacity in 2020-21, the airline stock has been rebounding, and analysts have also upgraded its ratings. That is the beauty of long-term performers.
As a leader in the aviation sector, Air Canada negotiated with the Federal government on the pandemic aid that has helped the company to resume its operating promptly.
The national carrier’s stock has also managed to overtake the S&P/TSX Airlines Index in 2021 and is poised to fly post inoculation drive.
5. Shopify Inc. (TSX:SHOP)
The e-commerce solution provider’s stock has defied the pandemic crisis with its massive price rally, lifted by the extraordinary demand for its online shopping platform.
The large-cap software stock was one of the best price performers of 2020 and touched its lifetime high of C$ 1900 per common share in February this year.
The company posted higher than expected earnings and witnessed triple-digit growth in its e-commerce sales in Q1 FY21.
Please note: The above constitutes a preliminary view and any interest in stocks should be evaluated further from an investment point of view. The reference data in this article has been partly sourced from Refinitiv
