Yahoo Finance 3 Top Growth Stocks That Could Run Circles Around the Market in 2024
Written by Amy Legate-Wolfe at The Motley Fool Canada
Investors looking for growth stocks in 2024 should certainly keep an eye out. There are many companies that could potentially surge on the back of positive news, especially with improving inflation, and the potential for interest rate cuts.
But what about companies that are already seeing growth underway? Today, let’s look at three of these growth stocks that could continue to run circles around the market in 2024.
First Quantum
First up, we have First Quantum Minerals (TSX:FM), a mining and metals company based out of Canada. The company is primarily engaged in the exploration, development, and production of copper, nickel, gold, and other minerals. The company operates several mines and development projects in various locations worldwide, including Zambia, Mauritania, Australia, Finland, Spain, Turkey, and Panama.
First Quantum stock’s flagship operation is the Kansanshi mine in Zambia, which is one of the largest copper mines in Africa. Additionally, the company owns and operates the Sentinel mine, also in Zambia, and the Cobre Panama project, which is one of the largest copper projects currently under development.
Shares of First Quantum stock have surged 50% year to date as of writing, with more potentially underway — especially as it continues to seek talks in Panama to reopen a closed mine and produce more copper. Meanwhile, you can look forward to more growth as copper continues to be in high demand for the stock.
Ivanhoe Mines
What about another miner that’s doing amazingly well? Canadian mining company Ivanhoe Mines (TSX:IVN) also engages in mining primarily in Africa. Ivanhoe Mines has a focus on discovering and developing high-quality assets, particularly in the copper, platinum, palladium, nickel, and gold sectors.
In this case, the company’s flagship project is the Kamoa-Kakula copper project located in the Democratic Republic of Congo (DRC). Kamoa-Kakula is considered one of the largest and highest-grade copper discoveries in the world. Ivanhoe Mines holds a significant stake in the project through its subsidiary, Kamoa Copper SA, in partnership with Zijin Mining Group and the DRC government.
Shares of IVN stock have climbed by 56% year to date, with even more likely on the way again with the demand increasing from copper. The stock continues to trade near 52-week highs, making it another company you’ll want to consider on the TSX today.
Lundin Mining
Sensing a theme? It’s true, copper mines have certainly seen a high demand this year that should only continue. And Lundin Mining (TSX:LUN) has enjoyed much of this process. The Canadian miner is different as it operates outside of Africa in this case. The company instead focuses on South America, North America, and Europe for its copper mining process.
The company continues to explore and discover new highly rich copper mines. This has helped the company achieve record-setting results — ones that should continue throughout the year according to guidance.
While the first quarter missed earnings guidance, shares of the stock are still up by 49% year to date. And even so, the company managed to swing back to 52-week highs as the stock rose higher. And with a 2.27% dividend yield, this is one company you’ll want to pick up today.
The post 3 Top Growth Stocks That Could Run Circles Around the Market in 2024 appeared first on The Motley Fool Canada.
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Fool contributor Amy Legate-Wolfe has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
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