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Highlights
- Canada’s big banks seem to have put on a solid performance in the last quarter
- This list features three bank stocks, one energy stock and one technology stock
- The energy stock mentioned here gained about 12 per cent in 2022
The TSX Composite Index did not have a great start to 2022. World over, most indices witnessed a bearish phase. But thanks to its energy sector, Canada’s benchmark index probably weathered the storm better than some others.
Based on their reports, Canada’s big banks seem to have put on a solid performance last quarter. This list features three bank stocks, one energy stock and one technology stock.
Here are the top five TSX stocks to watch in March.
Royal Bank of Canada (TSX:RY)
One of Canada’s biggest banks in the country, Royal Bank of Canada had a market capitalization of C$194 billion. The RY stock closed at C$137.40 on Tuesday, March 1. It grew 25 per cent in a year and is one of the stocks with a positive year-to-date (YTD) score – 2.3 per cent.
Also read: Time to pick TC (TSX: TRP) stock over ENB & SU as it hikes dividend?
Toronto-Dominion Bank (TSX:TD)
Another of the big five banks, Toronto-Dominion Bank has a market capitalization of C$179 billion. The TD stock closed at C$98.91 March 1, having grown 27 per cent in the last 12 months. It too is up nearly two per cent YTD.
Bank of Nova Scotia (TSX:BNS)
The Bank of Nova Scotia has a market capitalization of C$109 billion. It closed March 1 at C$90.89. It has gained 20 per cent in a year and is up 1.5 per cent YTD. It recently saw its 52-week high of C$95 on February 9.
Also read: Cenovus (CVE) & Tourmaline (TOU): 2 top TSX oil stocks under $50
Enbridge Inc (TSX:ENB)
Enbridge is the energy company on this list and holds a market capitalization of C$111 billion. Its stock closed at C$55.26 March 1 after having reached its 52-week high of C$55.80. Over the past year, it has risen nearly 26 per cent and is up about 12 per cent on a YTD basis.
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Also read: This Canadian oil company saw its stock gallop 288% in a year!
Shopify Inc (TSX:SHOP)
The stocks of Shopify recently took a bit of a beating. It is down nearly 49 per cent since a year ago and in the red 51 per cent on a YTD basis. On November 19, 2021, it touched a 52-week high of C$1,762.91. That is a significant 62 per cent higher than its closing price on March 1 of C$858.33. Shopify’s current market cap is C$98billion.
Bottom line
The TSX Composite Index is in the red by over one per cent YTD. With the exception of Shopify, the above stocks have seen a better performance. Nonetheless, Shopify remains an interesting watch.
Parking money in stocks merits detailed investigation into the company and its near-term and far-term plans. Knowledge of the sector is also vital.
Also read: Is Pembina (TSX: PPL) stock a buy as it merges business with KKR?
