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How to invest in Canada
Industrials have benefited from increased infrastructure spending in the US, driven by trends such as nearshoring, electrification and decarbonisation. One standout in our portfolio is Stantec (Toronto: STN), a global leader in sustainable design and engineering. Stantec’s focus on operational efficiency and project execution has led to industry-leading margins, with strong growth prospects fuelled by public and private investments, particularly from US initiatives such as the Infrastructure Investment and Jobs Act.
While Canada’s economy is often associated with “old world” sectors like energy and banking, the country also boasts a rich technological legacy. From BlackBerry to Shopify, Canadian innovators have reshaped their respective markets. One standout example is Descartes Systems Group (Toronto: DSG), a global leader in software-as-a-service (SaaS) solutions designed to enhance the efficiency, security and sustainability of logistics-heavy businesses.
Descartes serves more than 26,000 customers worldwide, including major corporations such as Coca-Cola, Home Depot and Mondelez International, helping them streamline supply chains. With a history of 28 successful acquisitions since 2016, totalling US$1.1 billion, Descartes is well-positioned for continued growth. Its financial strength allows it to seek out undervalued assets patiently, ensuring strategic expansion while maintaining profitability.
Fuelling a nuclear renaissance
The 2011 Fukushima disaster led to a dramatic decline in uranium prices. But today the drive to cut carbon emissions has reignited interest in nuclear power. Demand for uranium is outstripping supply, and Canada, home to some of the world’s richest deposits, is uniquely positioned to capitalise on this trend.
CGI has established positions in both Cameco (Toronto: CCO), the largest publicly traded, uranium-related company in the world, and in the lesser-known NexGen Energy (Toronto: NXE). NexGen’s Rook I project, the largest development-stage uranium mine in Canada, is expected to begin production by 2029, potentially delivering up to 30 million pounds of uranium annually.
This article was first published in MoneyWeek’s magazine. Enjoy exclusive early access to news, opinion and analysis from our team of financial experts with a MoneyWeek subscription.
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Publish date : 2024-10-21 21:32:00
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