According to the latest Westpac Banking Corp (ASX: WBC) Weekly economic report, the chief economist of the banking giant continues to forecast two more rate cuts by the Reserve Bank in the near future.
Bill Evans said: “Overall, we continue to expect the RBA to cut the cash rate in October and February, taking it to 0.50%.”
If this does indeed happen, it is likely to lead to the big four banks cutting the interest rates on savings accounts further.
In light of this, if you have $10,000 sitting in a savings account and have no near term use for it, I would suggest you consider putting it to work in the share market.
Here are three top shares which I would invest the funds into:
Altium Limited (ASX: ALU)
In FY 2019 this printed circuit board (PCB) design software company reported a 22.6% increase in full year revenue to US$171.8 million and an impressive 41.1% increase in net profit after tax to US$52.9 million. The good news is that Altium appears well-placed to continue this strong form for a number of years thanks to increasing demand for its industry-leading software and increasingly supportive tailwinds. So much so, management aims to grow its revenue to US$500 million by FY 2025.
Domino’s Pizza Enterprises Ltd (ASX: DMP)
Although it has disappointed the market over the last couple of years, I think this pizza chain operator could be a great buy and hold option. This is due to its international expansion opportunities which are expected to underpin the almost doubling of its store network over the next seven years. If it delivers on this then I expect it to achieve solid earnings growth over the next decade.
WiseTech Global Ltd (ASX: WTC)
Although WiseTech Global’s shares are definitely on the expensive side, I believe the strong long-term growth potential of its CargoWise One platform justifies this premium. CargoWise One is a single-platform software solution which provides an enterprise-class management system for logistics companies across 150+ countries. The company counts 43 out of the top 50 global third-party logistics providers and all 25 of the top global freight forwarders as customers. I believe this has made the platform a key part of the global supply chain.
Where to invest $1,000 right now
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of June 30th
James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Altium and WiseTech Global. The Motley Fool Australia has recommended Domino's Pizza Enterprises Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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