While the Australian share market may remain reasonably volatile over the coming weeks, I'm confident this volatility will pass eventually and the market will move consistently higher.
In the meantime, I think now is a good time for investors to identify the shares they would like to add to their portfolio for the long term.
If you're looking for blue chip shares, then I think the three listed below would be worth considering:
CSL Limited (ASX: CSL)
The first blue chip to consider buying is this biotherapeutics giant. I think it is a great option for investors right now and feel confident it will continue its solid growth despite the pandemic. This is because the majority of its therapies are used for conditions which have no real alternative treatments. In light of this, I don't expect CSL to be negatively impacted by the coronavirus outbreak. Outside this, looking to the future I believe its lucrative research and development pipeline and growing plasma collection network will support its growth over the next decade and beyond.
Macquarie Group Ltd (ASX: MQG)
Another blue chip to consider buying is Macquarie. Although it is classed as a bank, it is a very different breed to the big four banks. I like Macquarie due to the quality and diversity of its earnings and its ability to deliver growth when even the big four are struggling. Another positive is that its shares provide investors with a generous dividend yield as well. And while it will not be immune from the pandemic and FY 2021 is likely to be an underwhelming year, it has a long history of bouncing back strongly and generating solid returns for investors. Though with its full year results due out on Friday, it might be best to keep your powder dry until then.
Telstra Corporation Ltd (ASX: TLS)
I've been very impressed with the way Telstra has turned around its fortunes over the last 18 months and feel the telco giant is now well positioned to return to growth in the not so distant future. Especially given the return of rational competition in the telco industry, its T22 cost-cutting plans, and its leadership position in the 5G market. In light of this, I feel now could be an opportune time to consider a patient long-term investment in the company's shares.
