These Top Defensive Stocks Are Selling at 52-Week Highs

Wesdome Gold Mines Ltd. (TSX:WDO) and two other rocketing stocks look like strong buys for upside this week.

| More on:

Canadian investors have been getting defensive this week, pushing up the share prices for some notable gold stocks. Letโ€™s take a look at a few of the stocks on the TSX that are beating their year-long highs this week.

A big deal in the energy space

AltaGas Canada (TSX:ACI) is now trading at more than double its 52-week low of $14, breaking through the $33 mark. The reason for the jump? The stock had been trundling along in the $25 zone when the news broke that the Public Sector Pension Investment Board and the Alberta Teachersโ€™ Retirement Fund Board would be snapping up AltaGas Canada for $33.50 per share.

The all-cash deal amounts to $1.7 billion and is expected to close in the first half of 2020. In the meantime, AltaGas Canada will release its Q3 November 7 โ€” an event that is also likely to see upward momentum in this popular player in the domestic energy sector. Its mix of natural gas and renewables is a key asset for energy investors seeking diversification in their stock portfolios.

Precious metals continue to trend higher

Bursting through the $6.30 ceiling is Alacer Gold (TSX:ASR), now trading at three times its year-long low. The stock is up by 21.5% in the last five days, as the gold miner slashes debt using earnings accrued over its third quarter. The intermediate gold miner commands an 80% interest in the ร‡รถpler Gold Mine in Turkey.

Having clocked up a very positive $34.8 million, the precious metals stock is riding high on its earnings beat. Investors seeking to ride the upside have piled on, with the gold minerโ€™s share price already having broken through the $6 mark at the tail end of summer. Todayโ€™s all-time high marks the pinnacle of an extraordinary run for Alacer Gold, which looks set to continue for the foreseeable future.

Placing 19th on the TSX 30 list of the countryโ€™s top-performing stocks, Wesdome Gold Mines (TSX:WDO) is no stranger to hitting new highs. The gold minerโ€™s share price has shot up by 172% over the last three years. Investors looking for shares in a booming company with a solid gold track record should find Wesdomeโ€™s +30 years of continual mining operations in the country suitably reassuring.

As a pure play on Canadian gold, a growth investor canโ€™t do better than the entirely domestic-focused miner. Its mines in Ontario and Quebec are the minerโ€™s bread and butter, capable of producing almost a quarter of a million ounces of the precious metal.

Other stocks hitting year-long highs as we head into the weekend show a decidedly defensive theme. This weekโ€™s high fliers include the sixth of Canadaโ€™s big banks, National Bank of Canada, a solid consumer staples play in Loblaw Companies, precious metals exposure from Caledonia Mining, and world-class instant diversification and passive income from Brookfield Asset Management.

The bottom line

With a mix of energy, gold, and asset management stocks to choose from, Canadian investors have a few routes to quick upside at the moment. There are also some strong buy-and-hold options here, with high-quality miners such as Wesdome and Alacer Gold to choose from for long-term capital gains in a classically defensive commodity.

Just Released! 5 Stocks Under $50 (FREE REPORT)

Motley Fool Canada's market-beating team has just released a brand-new FREE report revealing 5 "dirt cheap" stocks that you can buy today for under $50 a share.

Our team thinks these 5 stocks are critically undervalued, but more importantly, could potentially make Canadian investors who act quickly a fortune.

Don't miss out! Simply click the link below to grab your free copy and discover all 5 of these stocks now.

Claim your FREE 5-stock report now!

This article represents the opinion of the writer, who may disagree with the โ€œofficialโ€ recommendation position of a Motley Fool premium service or advisor. Weโ€™re Motley! Questioning an investing thesis โ€” even one of our own โ€” helps us all think critically about investing and make decisions that help us become smarter, happier, and richer, so we sometimes publish articles that may not be in line with recommendations, rankings or other content.

Fool contributor Victoria Hetherington has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends Brookfield Asset Management and BROOKFIELD ASSET MANAGEMENT INC. CL.A LV.

More on Energy Stocks

GettyImages-1394663007
Dividend Stocks

Recession Stocks Are Back: Consider Buying These Canadian Stocks in May

A recession may or may not come, but no matter what's ahead, investors can prepare with these Canadian stocks

Read more ยป

hand stacks coins
Energy Stocks

This 5.3% Dividend Knight Has Raised Payouts for 25 Consecutive Years 

The Canadian stock market is a gold mine for high-yield dividend stocks that offer consistent dividend growth for decades.

Read more ยป

oil pump jack under night sky
Energy Stocks

Canadian Energy Stocks: Undiscovered Gems Ready for Summer 2025 Rally

TSX energy stocks such as Canadian Natural Resources and Tourmaline Oil are poised to deliver outsized gains to shareholders inโ€ฆ

Read more ยป

canadian energy oil
Energy Stocks

How Iโ€™d Turn $7,000 Into $1,000 in Annual Passive Income

PetroTal (TSX:TAL) stock's 14%+ high dividend yield looks too appealing for passive income investors to ignore right now

Read more ยป

Data center woman holding laptop
Energy Stocks

1 Magnificent Industrial Stock Down 35% to Buy and Hold Forever

This top TSX industrial stock is down 35% but poised for massive growth. Hammond Power's century-old business is transforming ourโ€ฆ

Read more ยป

grow money, wealth build
Energy Stocks

This Energy Stock Yielding 6% Could Double Your Money by 2027

Here's why Enbridge (TSX:ENB) remains a company that could be among the most overlooked in the energy sector right now.

Read more ยป

Offshore wind turbine farm at sunset
Energy Stocks

The Smartest Renewable Energy Stock to Buy With $1,200 Right Now

Here's why Brookfield Renewable Partners (TSX:BEP.UN) remains a top pick for investors looking for a single stock in the greenโ€ฆ

Read more ยป

oil and natural gas
Energy Stocks

1 Magnificent Canadian Energy Stock Down 23% to Buy and Hold for Decades

This oil and gas producer has increased its dividend annually for more than two decades.

Read more ยป