Canadian stocks are continuing to rally on Thursday, as the S&P/TSX Composite Index posted a record high near 18,868 this afternoon. It was the fourth consecutive day when the market benchmark posted a new record high. Gradually subsiding pandemic-related woes and the reopening economy are increasing investors’ hopes about a positive change in the jobs market in the coming months. These key factors could be acting as a catalyst — fueling the market rally in March. Now, let’s discuss how you can multiply your hard-earned money by investing in stocks amid the market rally.
EV stocks are gaining momentum again If you have been following auto industry developments in recent years, you might already be aware of the fast-growing demand for electric cars, self-driving cars, and smart mobility. These are becoming the biggest emerging trends in the market that are likely to grow exponentially in this decade. That’s why electric vehicle (EV) makers like Tesla (NASDAQ:TSLA) and NIO (NYSE:NIO) po..
Most Canadians use their Tax-Free Savings Account (TFSA) as a cash account. That’s tragic, because cash earns limited interest while the TFSA allows you to mitigate income and capital gains. In other words, why earn 2% a year when you can bet on high-growth tech stocks or exotic assets that deliver triple-digit gains?
Here are my top three picks for exotic assets you can hold in your TFSA to create substantial wealth tax-free.
Bitcoin To be clear, you can’t hold Bitcoin in your TFSA directly. However, the recently launched Bitcoin exchange-traded fund (ETF) qualifies for TFSA. Purpose Bitcoin Fund (TSX:BTCC) tracks the performance of the world’s most famous cryptocurrency. The ETF didn’t exist earlier, but if you hypothetically bought it five years ago, you could have captured BTC’s phenomenal 11,560% return since then.
As institutions and hedge funds have started adopting the technology recently, there could be much more upside left. BTC is up 17% over the past month alone. New p..
Bitcoin dominance is a metric weighing the top cryptocurrency’s market share against the rest of the crypto space, including Ethereum, Polkadot, Cardano, and other altcoins. For years, analysts used it as a tool to predict divergences between altcoins and Bitcoin.
However, recently, the metric has lost just about all meaning, and could explain why it has done nothing but trend sideways for weeks now on end. Here’s why BTC dominance is no longer a relevant measure in crypto.
Why Bitcoin Remains The Most Dominant Cryptocurrency Today Years ago, Satoshi Nakamoto designed the first system of peer-to-peer digital cash and the cryptocurrency industry was born. The advent of Bitcoin, also brought with it a revolutionary distributed ledger technology called blockchain.
Bitcoin the asset, secured by cryptography and a consensus mechanism, cannot be duplicated, but the technology it was built on has been adapted in many unique ways since. Ethereum, for example, ties smart contracts to transactions so that decentralized applications can run on the blockchain.
Related Reading | Prepare For Liftoff: Bitcoin Loses Bear Market Trendline Against Altcoins
Thousands of altcoins have since been created that compete for market share with Bitcoin. As the first ever cryptocurrency, BTC enjoyed first-mover advantage and all that comes along with it, including brand recognition, trust, familiarity, and being further along in adoption.
When altcoins gained dominance over Bitcoin in late 2017 and early 2018, the metric became particularly useful for technical analysis and predicting the normally unpredictable relationship between BTC and altcoins.
BTC dominance has been stuck around 60% for weeks on end | Source: CRYPTOCAP-BTC.D on TradingView.com BTC Dominance: No Longer A Reliable Metric To Measure Crypto Because altcoins trade against USD and BTC primarily, they don’t always follow the same trends and patterns that Bitcoin does. Analysts had once utilized BTC dominance effectively..
Discretionary spending fell significantly following the pandemic-induced economic turmoil. People cut down on discretionary spending. Given the highly discretionary nature of Spin Master‘s (TSX:TOY) product offering, some investors have steered clear of this name.
However, I think there’s the real potential for this stock to be an outperformer coming out of this pandemic.
Here’s more on why Spin Master is a top turnaround play right now.
A sharp rise in sales makes investors bullish The company recently recorded substantial growth in its digital games segment. Revenue in this division increased by more than 400% to a staggering $31.8 million in the most recent quarter. A key driver? The company’s Toca Life World app has been a hit among users. Spin Master has a knack for finding the trendy toys that are “in” each year. The ability for users to share videos of themselves playing this game have caught on. Accordingly, there has been a sharp rise in the number of app downloads, benefit..
BlackBerry (TSX:BB)(NYSE:BB) stock has sure tested us. I know it’s tested me. It’s tested my ability to remain level-headed in the face of huge stock price swings. It’s also tested my patience. Today, BlackBerry’s stock price is trading at roughly $13. It’s a far cry from the highs of its Reddit-induced rally. But it’s still 55% higher so far in 2021.
So, what do we do with this stock that has so much potential yet seemingly so much risk and uncertainty?
BlackBerry stock: How did we get here? Let’s step back a bit from all the noise. After all, I think that’s a good exercise. Back in late 2020, I wanted to buy BlackBerry stock. But I was waiting for it to fall to closer to $5. That was my target entry point, and I was patiently waiting to pull the trigger. BlackBerry’s stock price is currently $13. So, what should I do now? Well, two things happened that should inform my decision.
First, Amazon Web Services and BlackBerry announced a partnership. This is a fundamental change worthy ..
Air Canada (TSX:AC) stock is continuing to rally for the second consecutive month. The stock rose by 4.1% on Wednesday after ending the previous session with a 1.3% loss. With this, it has risen already by 14.3% on a month-to-date basis — after rallying by 25.4% in February. Investors’ big hopes from an expected government financial support package for the aviation industry have driven most of the recent gains in Air Canada stock. Let’s take a closer look at some recent updates about the Air Canada bailout and how it could affect its stock price momentum in the coming weeks.
Air Canada bailout: Latest updates Last week, I’d updated investors with my article about some latest key developments regarding Air Canada’s bailout package talks with the government. In a recent interview with Toronto Star, the Canadian trade union Unifor president Jerry Dias claimed that the government might very soon announce a relief package for the ailing aviation industry.
However, the government wants the..
Making a million dollars, tax-free, sounds more like a fantasy to most investors. But what if I tell you it can be a reality for some?
If you’re looking to take your Tax-Free Savings Account (TFSA) to seven figures in a short period of time, high-growth stocks like Constellation Software (TSX:CSU) could surely make your dream come true. Here’s why.
TFSA provides the ideal playground for growth stocks If you ask anyone who has invested in Constellation Software over the past 10 years about its performance, they’ll tell you how the company managed to convert $75,000 into more than $2 million during this timeframe. Moreover, if they’ve invested in a TFSA, they can spend that money as they please; the taxman will not be coming to catch them.
A TFSA is undoubtedly the best tool for individuals buying growth stocks with a long-term investment horizon. There’s a cap of $6,000 per year in terms of how much investors can deposit into this fund. However, the total accumulated room for investo..
North American stocks encountered turbulence in late February and early March. Rising bond yields led to severe volatility in the technology space, plunging some top tech stocks into bear market territory. However, the passing of the $1.9 trillion U.S. stimulus package has reinvigorated markets. Optimism has returned, but there are still discounts available from the quick correction. Today, I want to look at my favourite TSX stocks that are priced under the $15 mark.
Why BlackBerry deserves your attention today BlackBerry (TSX:BB)(NYSE:BB) stock has been on a roller-coaster ride over the past month. The stock was impacted by the GameStop trade that saw retail investors flood into BlackBerry, AMC Entertainment, and Nokia on hopes that they could stage a populist rally. Shares of BlackBerry rose to a 52-week high of $36, but that momentum dried up swiftly. Still, the TSX stock is up 59% in 2021 as of early afternoon trading on March 11.
Investors can expect to see its first-quarter res..
Dividend stocks always play a key role for investors. In today’s market environment, though, Canadian dividend stocks are some of the most important businesses to own.
Although markets have rallied considerably from a year ago, the economy is in a much different position. Massive government stimulus is still desperately needed to prop up economies. So, although the forward-looking market is focused on growing from here, investors need to recognize we aren’t out of the woods yet.
That’s why owning top Canadian dividend stocks is so crucial today. Dividend stocks are always important, especially dividend-growth stocks, which can rapidly grow your money.
But in today’s uncertain economic environment, you want to own high-quality businesses with resilient operations. These massive cash cows are usually big blue-chip stocks that can pay out a sizeable portion of their earnings.
And when you buy the best dividend-growth stocks, which are almost always found on the Canadian Dividend Arist..
Having a passive-income stream is comforting, especially in an uncertain environment. Meanwhile, amid the low-interest-rate environment, the yields on debt instruments have become unattractive. So, investors can invest in monthly paying dividend stocks to earns stable passive income. Here are the four Canadian dividend stocks that pay monthly dividends at healthy yields.
Pembina Pipeline Pembina Pipeline (TSX:PPL)(NYSE:PBA) has raised or maintained its dividends since 1998. Meanwhile, over the last 10 years, the company has increased its dividends at a CAGR of 4.8%. The company currently pays monthly dividends of $0.21 per share, representing a forward dividend yield of 6.74%. The company’s payout ratio stands at 60%. So, it has more room to hike its dividends. Further, the company runs a highly diversified regulated business, with around 94% of its adjusted EBITDA generated from fee-based and take-or-pay contracts, which provides stability to its cash flows.
The company has planned ..