Where to Invest $ 1,000 in ASX Stock This Week //...

Where to Invest $ 1,000 in ASX Stock This Week //...
Where to Invest $ 1,000 in ASX Stock This Week //...
If you have $ 1,000 in a bank account and you can’t use it right away, I would recommend putting it to use in the stock market.

Especially given the low level of interest rates and the potential for superior returns on the stock market.

Three top ASX stocks I would buy with these funds are listed below. Here’s why I like them:

The first ASX stock to be bought for $ 1,000 is payment company Afterpay. I think it is well positioned to continue its impressive growth into the 2020s thanks to the increasing popularity of its buy now, pay later platform and global expansion plans. Regarding the latter, the company is rolling into store in the US, just launched in Canada, has made its way to mainland Europe, and has its eye on the massive Asian market. Additionally, the company has announced plans to offer savings accounts and cash flow tools in 2021. I believe the future is very bright for Afterpay.

Another option to consider is ELMO. It is a cloud-based HR and payroll software company that provides companies with a unified platform for optimizing a range of processes. It has also just announced the acquisition of UK-based Breathe for an initial payment of £ 18 million (A $ 32.4 million). Breathe is a rapidly growing, scalable human resource platform for small businesses. Demand for its software has grown significantly and has resulted in ELMO delivering excellent annual recurring revenue (ARR) growth in fiscal 2020. I expect more of this in FY 2021 and beyond, especially given the accelerated move to cloud-based solutions after the pandemic.

One final ASX stock to consider buying with that $ 1,000 is online lottery ticket seller Jumbo. It is the operator of the Oz Lotteries website and also offers a Software-as-a-Service (SaaS) – powered by Jumbo. The latter makes Jumbo a buy in my opinion. With most of the lotteries around the world still offline, Jumbo’s SaaS business appears well positioned to capitalize on the inevitable shift to online gaming over the next decade.

Where you can invest $ 1,000 now

When investment expert Scott Phillips has a stock market tip, it can be worth listening. After all, the flagship newsletter Motley Fool Share Advisor, which it has operated for more than eight years, has offered thousands of paying members stock choices that have doubled, tripled, or even more. *

Scott just revealed what he thinks this is five best ASX stocks for investors to buy now. These stocks trade at dirt cheap prices, and Scott thinks they are great buys right now.

See The 5 Shares

* Returns from June 30th

James Mickleboro has no position in any of the stocks mentioned. Motley Fool Australia’s parent company, Motley Fool Holdings Inc., owns and recommends Elmo Software. Motley Fool Australia’s parent company, Motley Fool Holdings Inc., recommends Jumbo Interactive Limited. The Motley Fool Australia owns shares of and has recommended Jumbo Interactive Limited. The Motley Fool Australia owns shares in AFTERPAY T FPO. The Motley Fool Australia recommended Elmo Software. We fools may not all agree, but we all believe that taking a variety of insights into account makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorized by Scott Phillips.

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