If you have $10,000 sitting in your savings account, then now could be a good time to consider investing it into the share market.
With the share market still down materially from its February highs, I believe there are plenty of gains ahead for investors over the coming years.
Here are three top ASX shares that I would invest these funds into:
Altium Limited (ASX: ALU)
This electronic design software company could be a great place to invest the $10,000. Although Altium’s shares are not conventionally cheap, I believe they are good value based on its growth profile. Altium provides an award-winning printed circuit board (PCB) design software platform, Altium Designer, which I believe could experience increasingly strong demand over the next decade thanks to the Internet of Things (IoT) and artificial intelligence (AI) booms. Over the coming years the company is aiming to dominate the market. Given the quality of its offering, I believe it will achieve this.
NEXTDC Ltd (ASX: NXT)
Another option for a $10,000 investment is NEXTDC. It is another tech share which looks expensive on paper but could prove to be good value over the long term. Especially if the cloud computing boom continues to accelerate. This is because as cloud computing use increases, demand for NEXTDC’s innovative data centre outsourcing solutions and connectivity services is likely to increase and drive strong earnings growth.
Xero Limited (ASX: XRO)
I think Xero would be a great option for investors. Although its shares have been on fire over the last few years, I believe its growth story is only getting started. This is because of the opportunity its high quality software has to become the platform of choice for small and medium sized businesses across the globe. The key to this will be the company conquering the massive United States market. Although progress in the lucrative market has been slower than many would like, I believe it is worth remembering that this is a marathon and not a sprint.
These 3 stocks could be the next big movers in 2020
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In this FREE STOCK REPORT, Scott just revealed what he believes are the 3 ASX stocks for the post COVID world that investors should buy right now while they still can. These stocks are trading at dirt-cheap prices and Scott thinks these could really go gangbusters as we move into ‘the new normal’.
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James Mickleboro owns shares of NEXTDC Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of and recommends Altium. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Xero. The Motley Fool Australia has no position in any of the stocks mentioned. 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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