Top ASX shares to buy in April 2024

Our Foolish writers are chock-full of stock ideas this month!

A businessman holding a butterfly net looks around hoping to snare a good ASX share investment

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

If you've been a bunny and missed out on the 3.45% gains already delivered by the S&P/ASX 200 Index (ASX: XJO) so far in 2024, fear not! Because, right now is an egg-cellent time to treat yourself to some sweet new investments.

But remember, when it comes to buying ASX shares, you'd be hopping mad to put all your eggs in one basket.

That's why we sent our Foolish writers on a hunt to find you a top assortment of investments to crack open this month.

Here is what they came up with:

7 best ASX shares for April 2024 (smallest to largest)

  • Mesoblast Ltd (ASX: MSB), $631.37 million
  • Accent Group Ltd (ASX: AX1), $1.14 billion
  • PSC Insurance Group Ltd (ASX: PSI), $1.98 billion
  • Neuren Pharmaceuticals Ltd (ASX: NEU), $2.71 billion
  • Xero Ltd (ASX: XRO), $20.23 billion
  • Newmont Corporation (ASX: NEM), $61.9 billion
  • Goodman Group (ASX: GMG), $64.21 billion

(Market capitalisations as of market close 28 March 2024).

Why our Foolish writers love these ASX stocks

Mesoblast Ltd

What it does: Mesoblast is a clinical-stage biotech company developing allogeneic cellular medicines to treat diseases resistant to conventional care. Its portfolio of Phase 3 product candidates includes remestemcel-L, developed to treat steroid-refractory acute graft versus host disease.

By Bernd Struben: Granted, investors buying Mesoblast in April will have missed out on the biotech stock's remarkable finish to March. That saw shares close up 45% on Tuesday and gain a further 17% across the following two days.

But I believe there could be more strong gains ahead.

Earlier this year, Mesoblast provided additional product characterisation on remestemcel-L to the US Food and Drug Administration (FDA). The FDA had previously sidelined the company's proposed Biologics License Application (BLA) for the medicine.

Last week, the FDA said it believed the company had now shown sufficient results to support the BLA submission for remestemcel-L. Mesoblast intends to resubmit this in the next quarter.

Should that prove successful, Mesoblast could see another big share price surge.

Motley Fool contributor Bernd Struben does not own shares of Mesoblast Ltd.

Accent Group Ltd

What it does: Accent acts as the distributor in Australia for a number of international shoe brands, such as Hoka, Kappa, Vans, Skechers, Ugg, Herschel, CAT, and more. It also has its own businesses, including The Athlete's Foot, Nude Lucy, Glue Store, and Stylerunner.

By Tristan Harrison: I recently invested in this ASX 300 retail stock, and it's my pick this month.

The FY24 first-half result saw profitability challenged, but the company added dozens more stores to its network. I think it's well-positioned to rebound strongly when retail conditions improve, particularly when interest rate cuts eventually happen.

The Accent share price has dropped since mid-February 2024, even though sales showed positive signs in the first few weeks of the second half of FY24. I used this as an opportunistic time to increase my holding.

As a bonus, Accent's grossed-up dividend yield is projected to be 10% in FY26, according to Commsec estimates.

Motley Fool contributor Tristan Harrison owns shares of Accent Group Ltd.

PSC Insurance Group Ltd

What it does: PSC Insurance Group is an insurance company operating across Australia, New Zealand, and the United Kingdom. The business commonly serves small and medium-sized enterprises in brokering insurance deals – linking the insurance provider with the customer.

By Mitchell Lawler: A long track record of successful execution is a great place to start for selecting a company to invest in. Since its founding in 2006, PSC Insurance has gone from strength to strength, growing from $810,000 in revenue to $308 million. 

There are two characteristics that make this business my top stock in April. Firstly, it bears no risk as a broker, simply collecting a fee for being a middle operator. That lends itself well to a strongly profitable operation. Secondly, key personnel inside the company hold a large financial interest in it.

For a business growing at the rate that PSC Insurance is, I don't believe the 30 times price-to-earnings (P/E) ratio is too much of an ask. Furthermore, it was revealed on 13 March that interested parties could be looking to lob a bid at PSC Insurance – supporting the view public markets might be underappreciating this company.  

Motley Fool contributor Mitchell Lawler does not own shares of PSC Insurance Group Ltd.

Neuren Pharmaceuticals Ltd

What it does: Neuren Pharmaceuticals develops treatments for rare neurological conditions.

By Tony Yoo: Neuren was the best-performing stock on the ASX 200 last year, but its lustre has worn off in recent times, losing around 15% so far in 2024.

The main reason for this is a short seller criticising the effectiveness and popularity of its Daybue product, which is sold by Neuren's US distributor Acadia Pharmaceuticals Inc.

I feel like this is an opportunity to buy a high-growth stock for cheap, as multiple experts have expressed doubt about the claims made in the short report.

All six analysts covering Neuren shares are sticking with a buy rating, according to broking platform CMC Invest.

Motley Fool contributor Tony Yoo does not own shares of Neuren Pharmaceuticals Ltd.

Xero Ltd

What it does: Xero is a New Zealand–based technology company that provides cloud-based accounting software for small businesses. 

By James Mickleboro: Although Xero shares have been very strong performers so far in 2024, I don't believe it is too late to invest. Especially if you're a patient buy-and-hold investor.

That's because I believe the company has a multi-decade runway for growth thanks to its global market opportunity. For example, analysts at Goldman Sachs estimate that Xero has a total addressable market of more than 100 million small-to-medium-sized businesses, representing a revenue opportunity of over NZ$100 billion. This compares to its current annualised revenue of approximately NZ$1.8 billion.

Both Goldman and Citi are feeling very bullish about the company's outlook. They put buy ratings with $152.00 and $159.00 price targets, respectively, on Xero shares in March.

Motley Fool contributor James Mickleboro owns shares of Xero Ltd.

Newmont Corporation

What it does: The America-based Newmont is now the largest gold miner on the ASX, thanks to its merger with the old Newcrest last year. This company owns several large mines all over the world.

By Sebastian Bowen: Newmont has been catching my eye as we head into April. The gold price has spent the past few weeks hitting new record highs, both in US dollar terms and in our local currency. Yet the Newmont share price has not reflected this, and is still down around 14% from its December highs. 

Given this is one of the best gold miners in the world, with low production costs and high reserves, I think Newmont shares are showing significant value today.

If gold prices remain high (which I think is likely if interest rates start falling this year), Newmont shares might look like a bargain today in hindsight. 

Motley Fool contributor Sebastian Bowen owns shares of Newmont Corporation.

Goodman Group

What it does: Goodman is Australia's largest real estate investment trust (REIT) and specialises in global industrial property like data centres and warehouses. 

By Bronwyn Allen: The Goodman share price has been rising at nearly quadruple the rate of its property sector peers, and it was one of the top five most profitable large-cap ASX 200 shares in 2023.

Goodman's success is largely due to its point of difference in industrial property, which is in high demand due to the expanding digital economy and the rise of artificial intelligence.

And while Goodman shares hit a new 52-week high of $34.07 last Thursday, top broker Macquarie gives the stock an outperform rating with a 12-month price target of $34.84. 

Motley Fool contributor Bronwyn Allen owns shares of Goodman Group and Macquarie Group Ltd.

Citigroup is an advertising partner of The Ascent, a Motley Fool company. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs Group, Goodman Group, Macquarie Group, PSC Insurance Group, and Xero. The Motley Fool Australia has positions in and has recommended Macquarie Group and Xero. The Motley Fool Australia has recommended Accent Group, Goodman Group, and PSC Insurance Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Best Shares

A smiling young surf life saver at the beach shouts out on a megaphone.
Best Shares

Top ASX shares to buy in March 2024

Shout out for the first day of autumn! Are you letting 2024's ASX gains flow your way?

Read more »

A businessman hugs his computer and smiles.
Best Shares

5 ASX shares to buy and hold forever in your investment portfolio

Here are my five picks for a future-proof ASX share portfolio.

Read more »

Three hikers lift their arms in jubilation as they reach a rocky peak overlooking a sensational view of water and mountains with a blue sky surrounding them.
Best Shares

Top ASX shares to buy in February 2024

The Aussie stock market is scaling new heights. Are you getting in on the action?

Read more »

A girl is handed an oversized ice cream cone with lots of different flavours.
Best Shares

Top 5 most profitable ASX large-cap shares of 2023

These big and bustling companies were the King Kongs of profitability last year.

Read more »

A woman looks internationally at a digital interface of the world.
Best Shares

In a record year for ETFs growth, this ASX crypto fund returned 215%

Crypto and technology ETFs delivered the highest returns for ASX and Cboe Australia investors in 2023.

Read more »

a man with a wide, eager smile on his face holds up three fingers.
Best Shares

3 no-brainer ASX 300 shares I'd buy right now without hesitation

I don't like buying shares near record highs, but I'd make an exception for these three...

Read more »

An older woman clasps her hands with joy, smiling at the news on her computer as she sits at her kitchen bench..
Best Shares

Which had the better year in 2023: Telstra, Woodside or Wesfarmers shares?

We review the share price growth and dividends paid by these popular ASX 200 shares last year.

Read more »

Three miners wearing hard hats and high vis vests take a break on site at a mine as the Fortescue share price drops in FY22
Best Shares

Which had the better year in 2023: Core Lithium, Liontown or Pilbara Minerals shares?

We assess the performance of these ASX 200 lithium shares.

Read more »