The best ASX blue chip shares to buy after the market selloff

I think CSL Limited (ASX:CSL) and these ASX blue chip shares could be great options for investors after the recent market weakness…

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The Australian share market has been reasonably volatile over the last few weeks. However, I’m confident this volatility will soon pass and the market will start its ascent again.

In light of this, I think now would be a good time for investors to take advantage of recent market weakness to make some investments.

If you’re looking for ASX 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 CSL. I think the biotherapeutics giant is a great option for investors and well-placed for growth over the coming years.  This is because the majority of its therapies are used for conditions which have no real alternative treatments. In light of this, I expect demand for its therapies to remain strong during the pandemic. This should be supported by increasing flu vaccine sales in the northern hemisphere’s winter. Combined, I’m optimistic they will offset any margin pressure from tough plasma collection conditions. Outside this, I believe its lucrative research and development pipeline and growing plasma collection network will support its growth over the next decade and beyond.

ResMed Inc. (ASX: RMD)

Another blue chip ASX share to consider buying is ResMed. I think the sleep treatment-focused medical device company is exceptionally well-positioned for growth in the 2020s. This is thanks to its industry-leading products, growing ecosystem of connected devices, and its sizeable market opportunity. In respect to the latter, ResMed estimates that there are 936 million people with sleep apnoea globally. It also notes that there are 380 million people suffering from chronic obstructive pulmonary disease (COPD) globally. This gives it a significant runway for growth over the next decade.

Telstra Corporation Ltd (ASX: TLS)

A final blue chip share to buy is Telstra. I’ve been very impressed with the way it has turned around its fortunes over the last 18 months and feel confident a return to growth isn’t too far away. Especially given the arrival of 5G internet, its rampant cost cutting, and the easing NBN headwind. So with its shares trading close to their 52-week low, I think now could be an opportune time to make a patient investment.

These 3 stocks could be the next big movers in 2021

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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 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 and has recommended Telstra Limited. The Motley Fool Australia has recommended ResMed Inc. 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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