We are only past the halfway mark in 2024, and we have already seen some intense share price movement in stock markets worldwide. As of this writing, the S&P/TSX Composite Index is up by 8.01%, reflecting new all-time highs for the benchmark index of the Canadian stock market. It is not surprising to see a resurgence in growth stocks leading to this uptick in the broader market.
After the aggressive interest rate hikes took their toll on the economy, the Bank of Canada's plan to cool inflation worked. Lower inflation and drops in interest rates reinvigorated the stock market. Now is the time for aggressive investors to find opportunities in growth stocks that might deliver superior returns for the rest of the year.
Despite the uptick so far in the broader market, there still are stocks that can be good holdings right now for investors with the stomach to tolerate a higher degree of capital risk.
Northland Power
Northland Power (TSX:NPI) is a $6.28 billion market capitalization power-generation company headquartered in Toronto. It is also one of the golden opportunities for investors seeking exposure to the renewable energy industry.
Governments worldwide are increasing their focus on shifting to cleaner and greener alternatives for energy. Renewable energy giants like NPI stock are slated to benefit from the shift.
Growing demand for renewable energy combined with the companyâs expansion projects and strategic initiatives has delivered a solid performance so far this year. In the first quarter (Q1) of fiscal 2024, NPI stock reported a net income increase to $149 million from $107 million in the same quarter last year. Its first-quarter earnings exceeded analyst expectations.
As of this writing, NPI stock trades for $24.45 per share. Up by 26.29% from its 52-week low, NPI also offers its shareholders their dividends at a 4.91% dividend yield.
WELL Health Technologies
Besides renewable energy, the tech sector is slated for significant growth, especially those operating in the healthcare sector. WELL Health Technologies (TSX:WELL) is the $1.18 billion market capitalization darling of the Canadian telehealth sector. Headquartered in Vancouver, WELL Health is the largest owner and operator of outpatient health clinics in the country, and it has significant operations in the U.S.
The COVID-19 pandemic brought WELL stock into the limelight due to the explosive rise in demand for telemedicine. While the easing restrictions have normalized in-person hospital visits, WELL Health Technologies has used its momentum well to grow through acquisitions. Its virtual services still have healthy growth, and the companyâs management has a positive outlook.
WELL stock has raised its revenue guidance for 2024 to up to $970 million, reflecting the companyâs confidence in its ability to deliver. As of this writing, WELL Health stock trades for $4.79 per share, up by 40% from its 52-week low.
Foolish takeaway
When you are starting to invest in the stock market, it is always better to focus on stable and high-quality stocks first. Once you have a portfolio fortified with stocks that can offer a degree of mitigation from market volatility, you can start balancing it out with riskier growth stocks that can inject some growth.
If market conditions become unfavourable and the growth stocks decline, the blue-chip stocks in your portfolio can offer some protection against volatility and offset losses. If you have a well-balanced portfolio and the stomach to take a bit of risk, NPI stock and WELL stock can be excellent holdings to consider.
The post Have the Stomach? 2 Promising Growth Stocks for Aggressive Investors appeared first on The Motley Fool Canada.
