With the S&P/ASX 200 trending lower today after a bad night on Wall Street, markets seem a little jittery compared with the start of the week. Still, that might mean some nicer buying prices for anyone looking to beat the Reserve Bank of Australia (RBA)’s recent interest rate cut and get their money working again.
So here are 3 of the best ASX shares that I would be happy to spend a $10,000 lump sum on today.
Altium Limited (ASX: ALU)
Altium specialises in software that assists engineers make printed circuit boards. I think demand for this software is only going to grow, as technology infiltrates our lives at an increasing pace.
ALU shares are today about 16% off their all-time high reached in early September, trading for $32.38 at the time of writing. Such a steep drop on such a high-octane growth stock might be a great buying opportunity for Altium shares.
Cleanaway Waste Management Ltd (ASX: CWY)
Cleanaway shares are up a nice 5.7% today after the company announced it has acquired the assets of SKM Recycling. With China now refusing to take foreign recyclables, conditions look ripe for an expanding recycling industry in Australia. The developed world seems to be moving towards a more sustainable ‘circular’ economy and I think both governments and the private sector will increasingly lean on companies like Cleanaway to help with their waste obligations.
Thus, I think waste management is a rare defensive growth industry. Considering Cleanaway is the largest player in this space, today’s news is a good reason to consider a Cleanaway investment.
Telstra Corporation Ltd (ASX: TLS)
Telstra shares are also looking cheap for me today, trading at $3.46 at the time of writing. It seems that the market is assuming that competitors TPG Telecom Ltd (ASX: TPM) and Vodafone Australia will be allowed to merge once the company’s appeal in the Federal Court is concluded.
Still, with the most comprehensive mobile network in the country, and an impressive investment in its Telstra 5G network, I think Telstra will be just fine with increased competition, which is why it might be a great time to pick up some Telstra shares today.
I think these 3 stock picks are some of the best ASX shares going today. From a pricing perspective, I like Telstra and Altium, but Cleanaway’s growth runway is very appealing for me as well.
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Sebastian Bowen owns shares of Telstra Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Altium. The Motley Fool Australia owns shares of and has recommended Telstra 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.