The 3 Best Canadian Stocks to Buy With $1,000 Right Now #CanadaFinance

Written by Chris MacDonald at The Motley Fool Canada

When it comes to building wealth, you do not need a lot of money to get started. You can invest whatever you are left with at the end of the month to embark on your investment journey. With $1,000, you can build a starter portfolio as long you understand your financial situation and risk appetite.

If you want to invest $1,000 into the Canadian market right now, I have listed three of the best stocks which I think give you a good position in the market. Let’s go through each of them.

The first stock on my list is none other than Quebec-based multinational convenience store giant Play-tardidal supply (TSX:ATD). The company is one of the largest convenience retailers in the world, with around 16,800 stores in 31 countries, including North America, Europe, and Asia. The company has been steadily expanding its presence through acquisitions in some of the most prosperous markets.

Couche-Tard has been steadily making high-value acquisitions, including retail assets from TotalEnergies SE, a French energy giant for $4.5 billion, as well as a joint venture with TotalEnergies. Now, it is attempting to acquire the parent company of 7-Eleven, which would be Couche-Tard’s biggest acquisition to date.

Alimentation Couche-Tard has also shown a resilient business model through some of the most challenging economic cycles. It also gave consistent dividends to investors, with constant dividend increases over the past 14 successive years.

Based in Toronto, Manulife Financial (TSX:MFC) is one of the top three insurers in Canada and a leading insurer in the U.S. and several Asian countries. The company has been rapidly expanding its presence in the Asian markets, especially its wealth management and asset management business. This, along with its recent solid capital position and growth, makes it a stock worth considering.

Manulife’s 2024 financial performance for the third quarter has been impressive. Its adjusted net profit is up 8.2% year-on-year to $1.83 billion, driven by strong international growth and significant increases in new business. In Asia, the company saw its annual premium equivalent sales increase by 64% YoY and its new business value increase by 55% YoY from the previous year.

The company is now focusing its strategic initiatives to expand its Asian presence with new product lineups and digital applications. It is also investing in high return-on-equity segments in North America and Europe for long-term benefits.

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