Stock picks for the week: March 8, 2021

Mar 8 2021, 5:00 am

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The last week has been eventful for the stock market. Stocks recovered from the initial bond scare and Monday saw the S&P 500 have its best day since June.

The US continues to roll out its vaccine, but with Canada lagging in comparison, experts predict that the delay will take its toll on our economy. That said, Canadian stocks continue to outperform US stocks in 2021.

So what are the hot stocks to invest in at the moment? The following companies have some of the most promising prospects—to buy for this week and hold for the future.

Microsoft

Although software OG Microsoft needs no introduction as a company, it does have some interesting new developments on the horizon. The third-largest cloud provider has announced its making its way into the electric vehicle (EV) market, recently signing a deal with Bosch to develop cloud-based software for vehicles.

The last year saw Microsoft impressively pivot to more cloud-based offerings, and since has seen its shares soar by 40%. As the software giant continues to gain market share of the cloud-based world, it has solid growth prospects for the future.

Charter Communications

Stocks of US broadband connectivity company Charter Communications have been up 22% over the past 12 months and it’s not hard to see why when you think about the amount of time everyone has spent online the past year.

The company, which is the second-largest cable operator in the US, provides video, internet, and voice services to approximately 31.1 million customers across the country. Last year, its customer base of internet users rose 8.5% year-over-year.

Kirkland Lake Gold

Rumours have been speculating that the stock market is due for a correction or even crash this year. But if you’re worried about preserving capital over high-risk stocks, Kirkland Lake Gold is a great option.

Reasons to be bullish on the gold producer, which has operations in Canada and Australia, include the facts that it currently holds $850 million in cash, has a valuation that is 11 times its earnings, and a market cap of only $11 billion.

Constellation Software

Toronto-based software company Constellation Software was founded in 1996 by former venture capitalist Mark Leonard. The successful company acquires, manages, and builds industry-specific software businesses.

Constellation’s acquisition-centric business model gives it a more diversified edge over its competitors, making stocks of the company popular with investors. Additionally, its track record of acquiring promising software companies at good prices continues to set the company up for high growth.

Enbridge

Another great pick for your portfolio at the moment is energy infrastructure giant, Enbridge. The company’s diversified business model makes it a key differentiator from competitors, being involved in both the high-growth renewable energy sector and pipeline industry.

Need more convincing? Enbridge’s pipeline is responsible for a massive 65% of all Canadian production and its sector is protected from volatility from oil prices. The company also has an alluring 7.56% dividend yield.


Market Buzz contributor has no position in any of the stocks mentioned.

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