2 Top TSX Stocks Under $50 Per Share

You don’t need to break the bank to be investing today. Here are two top TSX stocks you can own for less than $50.

| More on:

Investors that are waiting patiently on the sidelines may want to reconsider their positions. The Canadian stock market has been showing signs of strength in 2023, hinting that a new bull run may soon be underway. 

The S&P/TSX Composite Index has now been on two 5% runs this year, pushing the index to a price of less than 10% below all-time highs.

What recession?

Even with slowing inflation and halted interest rate hikes, there continues to be talk of a potential recession. But what investors need to keep in mind is that the stock market is forward looking. It’s possible that the market has hit its low and a new bull run has already begun. 

With that in mind, now is an excellent time to review your investment strategy and decide if it’s time to put your cash to work. There are still plenty of deals to be found on the TSX, with no shortage of top-quality businesses trading at opportunistic discounts.

I’ve reviewed two top companies that Canadian investors can own shares of both for just about $50 right now. And since the two companies are very different from one another, adding both stocks to an investment portfolio can help with diversification, too.

TSX stock #1: Lightspeed Commerce

Alongside many other tech stocks last year, shares of Lightspeed Commerce (TSX:LSPD) came crashing down. The tech company saw its share price drop a staggering 60% in 2023 and continues to trade more than 80% below all-time highs from late 2021.

It’s worth mentioning, though, that Lightspeed returned close to 150% in 2020, and shares were well on their way to another multi-bagger performance in 2021 before the stock started tanking in the fourth quarter. After gains like that, a 60% loss in 2022 isn’t all that surprising.

Putting that extreme volatility to the side, the business itself remains in strong shape. Quarterly revenue growth continues to come in at double-digit numbers. Management remains focused as ever on the company’s long-term growth potential in the commerce space.

As still a very young public company, I’d bank on volatility remaining, at least in the short term while Lightspeed continues to get its feet settled underneath itself. 

For those willing to be patient, this is a tech stock loaded with long-term market-beating growth potential.

TSX stock #2: Telus

Perhaps a completely opposite company to Lightspeed is Telus (TSX:T), making the pair of companies a great duo for adding some diversification to a portfolio.

Earning market-beating growth may be a stretch for Telus. However, that’s completely fine as growth would be far from the main reason I’d suggest owning shares. Instead, passive income and dependability would be why I’d have the telecommunications company on my watch list.

It’s steady as it goes for the $40 billion company, which consistently experiences low levels of volatility. So, if you plan on owning shares of growth-driven companies like Lightspeed, you’d be wise to balance them out with dependable stalwarts like Telus.

In addition to defensiveness, Telus can be a significant income driver too. At today’s stock price, the company’s dividend is yielding just about 5%.

There’s not a whole lot to get excited about with a company like Telus. But during volatile market periods, you’ll be glad to own shares of at least one dividend-paying, defensive company.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium service or advisor. We’re Motley! Questioning an investing thesis — even one of our own — 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 Nicholas Dobroruka has positions in Lightspeed Commerce. The Motley Fool recommends Lightspeed Commerce and TELUS. The Motley Fool has a disclosure policy.

More on Tech Stocks

A child pretends to blast off into space.
Tech Stocks

2 Compelling Reasons to Snap Up Constellation Software Stock Now

Here's why I think Constellation Software (TSX:CSU) is a top-tier growth stock to own for the long-term right now.

Read more »

hot air balloon in a blue sky
Tech Stocks

3 TSX Stocks Still Soaring Higher With Zero Signs of Slowing

These three stocks may be soaring higher and higher, but don't let that keep you from investing – especially with…

Read more »

Person holding a smartphone with a stock chart on screen
Tech Stocks

Where Will TMX Group Stock Be in 5 Years?

TMX Group (TSX:X) has an extremely good competitive position.

Read more »

crypto blockchain
Tech Stocks

Best Stock to Buy Right Now: Galaxy Digital or Hut 8 Stock?

Cryptocurrency stocks are roaring, but these two could be your best bets right now.

Read more »

dividends can compound over time
Tech Stocks

Billionaires Are Selling Apple Stock and Picking up This TSX Stock Instead

Billionaires tend to know a bit about making money, so if they're selling Apple stock and picking up this other…

Read more »

An investor uses a tablet
Tech Stocks

3 Reasons to Buy Open Text Stock Like There’s No Tomorrow

Here are the top three reasons why you may want to consider OpenText stock right now and hold it for…

Read more »

Shopify's third-quarter results
Tech Stocks

There’s No Stopping Shopify

Shopify stock exploded this week after the company announced Q3 earnings.

Read more »

A close up color image of a small green plant sprouting out of a pile of Canadian dollar coins "loonies."
Tech Stocks

High-Growth Canadian Stocks to Buy Now

Are you looking to add some growth potential to your portfolio? Here are three stocks to add to your watch…

Read more »