Where to Invest $100 Right Now

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Canadian investors have experienced a turbulent journey in 2023 thus far. Despite enduring significant fluctuations, the S&P/TSX Composite Index has managed to achieve a nearly 5% increase since the beginning of the year. The state of the Canadian economy remains uncertain, particularly in the near future. However, I am optimistic that 2023 will ultimately conclude with positive results.

Although the overall market performance has been favorable this year, it has not yet surpassed the highest levels recorded in early 2022. Moreover, there is a significant number of stocks listed on the TSX, especially those considered growth stocks, that are currently trading well below their peak values achieved in late 2021.

For investors who have a long-term perspective and are willing to wait, this may be a highly advantageous moment to invest in the Canadian stock market. As the trend picks up pace, numerous opportunities for profit remain up for grabs.

I've examined three stocks that are currently on sale and are ideal for those seeking bargains. With the current prices, people in Canada can own all of these companies for a total cost of under $100.

The technological industry took a major blow in the challenging year of 2022. Numerous prominent technology companies are currently trading significantly lower than their value at the close of 2021. It is not entirely unexpected considering the substantial growth they experienced after the market crash caused by the COVID-19 pandemic.

Lightspeed Commerce, a company traded on the Toronto Stock Exchange under the ticker symbol LSPD, has experienced a significant decline of 85% from its peak value. Although the shares have managed to increase by 10% throughout the year, there is still a significant gap that needs to be filled.

Fortunately, the company's overall condition remains robust. Although there has been some inconsistency in revenue growth during the past few quarters, it is expected to stay consistently high, with a double-digit growth rate. Furthermore, the company is expanding its range of products and establishing a stronger global presence, which are the main driving factors behind the ambitious revenue-growth objectives.

If you are willing to tolerate the unpredictability, this is a growth stock with significant potential for substantial gains.

Telus (TSX:T) is an ideal option for individuals seeking to even out their investments in rapidly growing companies like Lightspeed. This communication industry frontrunner offers a well-rounded portfolio that not only ensures stability but also generates substantial passive income.

Following a significant decrease of 10% in the previous half-year, the stock's current dividend yield has surpassed 6%.

There are not many dividend stocks on the TSX right now that offer a yield of 6%, especially not one with such an impressive history as Telus.

Following a sudden increase in the need for its services during the COVID-19 pandemic, the shares of WELL Health Technologies (TSX:WELL) experienced a rapid and significant upswing, reaching unprecedented levels. By the end of 2020, the stock had risen by over 400%.

The organization offers remote healthcare solutions throughout Canada and the United States, which clarifies why there was a significant surge in demand during the initial stages of the pandemic.

The market for shares has calmed down significantly and they are currently being traded at a value that is 50% lower than their peak. However, this stock that focuses on expansion has increased by 150% compared to its prices before the pandemic, primarily due to a significant gain of 50% so far this year.

Those optimistic about the future increase in demand for virtual healthcare services should keep an eye on this growth company.

At the current stock value, Canadians have the opportunity to purchase WELL Health shares for under $5 each.