A number of ASX shares have been hammered in the current bear market. Coronavirus concerns have shutdown the global economy and spooked investors worldwide. However, a falling market creates buying opportunities for bold investors.
If you’re looking to invest some extra cash right now, here are 3 ASX shares you won’t regret buying $500 more of today.
3 ASX shares you won’t regret spending $500 on
1. CSL Limited (ASX: CSL)
The CSL share price could be a good buy at the moment. While the S&P/ASX 200 Index (ASX: XJO) has slumped 24.13% lower in 2020, CSL shares are up 10.28% in 2020. It seems like CSL is the magic combination of an ASX growth share with defensive qualities in the bear market.
With a strong R&D pipeline and a strong balance sheet, I think CSL could be worth adding a little extra to today.
2. A2 Milk Company Ltd (ASX: A2M)
A2 Milk shares are up nearly 3,000% in the last 5 years. The group’s shares have climbed 16.22% in 2020 to outperform the ASX 200 benchmark index. With Aussies lining up for more supplies in the coronavirus shut down, I think A2 Milk could see an earnings increase in 2020.
That’s good news for shareholders in the Kiwi dairy group. If you had bought $500 worth of A2 Milk shares 5 years ago, that would be worth nearly $15,000 today. I think it could be worth a roll of the dice on this ASX share, given its strong history and short-term outlook.
3. Coles Group Ltd (ASX: COL)
Some investors were a little skeptical of Coles when it spun-off from Wesfarmers Ltd (ASX: WES) in November 2018. Wesfarmers has now agreed to sell its remaining stake in the business for $1.06 billion. I think Coles shares could be worth adding to your portfolio or giving a boost today.
The retailer’s share price is up 7.01% in 2020 as sales have rocketed. If the shutdown continues for longer than expected, I think its share price could go even higher. If you have a spare $500 to invest, I think Coles looks to be a safer buy than many other ASX 200 shares on the market.
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Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of CSL Ltd. The Motley Fool Australia owns shares of A2 Milk and Wesfarmers 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.