As I mentioned here earlier today, current cash rate futures continue to point to a further cut by the Reserve Bank this year.
In light of this, if I had $10,000 sitting in a savings account, I would consider putting it to work in the share market.
After all, the potential returns on offer are vastly superior to those you’ll find with an Australia and New Zealand Banking Group (ASX: ANZ) savings account.
With that in mind, here are three top ASX shares I would buy with $10,000:
Altium Limited (ASX: ALU)
Altium is a printed circuit board (PCB) design software provider and one of my favourite growth shares on the ASX. I think it could be a great long term option due to the rapid rise of the Internet of Things (IoT) market which is driving increasingly strong demand for its key Altium Designer product. Also supporting its growth are its other businesses such as the Octopart search engine business.
Appen Ltd (ASX: APX)
Another of my favourite growth shares is Appen. It is a leading developer of high-quality, human annotated datasets for the machine learning and artificial intelligence markets. As with the IoT market, these markets are expected to grow at a rapid rate over the next decade. Given its leadership position in these markets, I expect demand for its services to continue to grow in the coming years and underpin strong earnings growth.
Webjet Limited (ASX: WEB)
This online travel agent has fallen heavily in recent weeks amid concerns over the impact of the coronavirus on the travel industry and a bearish broker note out of Morgan Stanley. That broker note claims that the Google Flights business is disrupting Webjet’s consumer business. Whilst the coronavirus could weigh on its performance slightly in the current quarter, the Google threat appears to have been overplayed. In fact, management has hit back at the broker note and dismissed its claims. In light of this, I believe the recent share price weakness could be a buying opportunity for investors. Especially given its strong long-term growth potential.
The post Where I would invest $10,000 into ASX shares right now appeared first on Motley Fool Australia.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Altium and Appen Ltd. The Motley Fool Australia has recommended Webjet Ltd. 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.
The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2020