3 Growth Stocks Climbing as the TSX Falls

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The S&P/TSX Composite Index continues to lose a lot of the gains it made in 2022. The TSX is down 2% since the beginning of the year, falling 6% in the last week alone. This comes a variety of reasons, but much of it is due to the ongoing COVID-19 crisis in China.

That being said, there are still companies that continue to perform well, even as the TSX falls. Today, I’m going to look at three growth stocks Motley Fool investors should consider if they want to beat the TSX and avoid further falls.

Teck Resources

Teck Resources (TSX:TECK.B)(NYSE:TECK) shares jumped about 10% on Wednesday, as the company reported record profit for the first quarter. This came after a major fall over the last week, again, due to the ongoing situation in China.

However, this could be the catalyst that moves Teck stock back towards its 52-week highs. Shares currently trade at about $49 per share as of writing. That gives the company a potential upside of 14% to reach those heights.

The growth came from the boost in commodity prices, according to Teck management. Given that’s meant to grow further in the future, investors seem convinced that now is a great time to buy the company among other growth stocks.

Verde Agritech

While Teck stock may be going through a rebound, Verde Agritech (TSX:NPK) continues to climb higher and higher, soaring near 52-week highs. This comes from the company’s position as an agricultural technology company, selling fertilizer in Brazil and around the world.

The company is going through growth mode, making it one of the best growth stocks out there. It’s expanded construction on projects, and increased potash production as well. The perfect time, given the sanctions on Russia due to the war in Ukraine.

Shares of Verde are up 271% year to date and 12% in the last month alone, even as the TSX continues to fall.

Cenovus

Cenovus Energy (TSX:CVE)(NYSE:CVE) also saw shares soar back upwards, although the stock was already beating the TSX over the last few months. This came from a stellar earnings report, where Cenovus stock tripled its dividend.

Shares of the company were up 3.5% on Wednesday, but this is on top of 41% growth year to date. Earnings came out with $1.6 billion in profit for the quarter. The energy company’s dividend will also increase to $0.42 per share from $0.14 per share.

While I wouldn’t call it a deal among growth stocks, it certainly has been growing at a rapid rate. Cenovus stock is up 133% in the last year alone and doesn’t show any signs of slowing down.

Foolish takeaway

These growth stocks continue to outperform the TSX, as the volatile situation continues in the economy. For those wanting growth to fight back the losses from other stocks in their portfolio, these options would certainly be a great place to start. But as always, make sure to do your own research beforehand to ensure these companies fit well into your portfolio.

The post 3 Growth Stocks Climbing as the TSX Falls 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.

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