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Date : 27/06/2024

Top 3 ASX Growth Stocks to Watch for July 2024

Global markets have been navigating various challenges, while the US has enjoyed positive momentum driven by mega tech stocks and passive mega funds amidst inflation and Federal Reserve updates.

US inflation data mostly met expectations, with only slight deviations due to lower energy prices. Anticipated energy cost rebounds could push inflation higher in the coming months. Despite challenges, US inflation has remained stable over the past year, with core inflation showing signs of moderation. 

In Australia, economic adjustments are paving the way for diversified growth beyond property markets, with the Reserve Bank of Australia remaining responsive to evolving data. 

Amidst this, there are the top 3 ASX growth stocks to watch for July 2024: Aristocrat Leisure (ASX: ALL), NextDC (ASX: NXT), and Treasury Wine Estates (ASX: TWE) which are poised to navigate the current economic landscape and deliver impressive returns.

Aristocrat Leisure (ASX: ALL) 

Aristocrat Leisure is a global gaming and entertainment industry leader known for its innovative gaming solutions and strong market presence. The company’s diverse portfolio, which includes digital and social gaming, positions it well to capitalise on the growing demand for interactive entertainment. 

With a market cap of $29.4 billion, Aristocrat continues to dominate the gaming sector through its commitment to cutting-edge technology and strategic acquisitions. 

Aristocrat’s robust financial performance and expansive global reach underscore its potential for sustained growth and market leadership.

Source: https://www.tradingview.com/ 

NextDC (ASX: NXT)

NextDC Ltd remains Australia’s largest data centre operator, with 13 centres throughout Australia, Japan, Malaysia, and New Zealand, and nine more are planned to open. The company’s state-of-the-art facilities and strong focus on sustainability make it a preferred choice for enterprises seeking reliable and eco-friendly data solutions. 

With a market cap of $10.6 billion, NextDC is a vital enabler for businesses undergoing digital transformation. 

NextDC’s strategic expansions and partnerships with major technology firms enhance its market position, ensuring continued growth and innovation in a rapidly evolving digital landscape.

Source: https://www.tradingview.com/ 

Treasury Wine Estates (ASX: TWE)

Treasury Wine Estates Ltd, a leading global winemaker, boasts a market cap of $9.4 billion. The company’s extensive portfolio of premium wines and its strategic investments in global markets drive its impressive growth trajectory. 

Treasury Wine Estates’ focus on brand building, premiumisation, and operational efficiency has solidified its position as a market leader in the wine industry. As global wine consumption trends favour premium and luxury segments, Treasury Wine Estates is well-positioned to leverage these opportunities for long-term growth.

Source: https://www.tradingview.com/ 

At Shares In Value, our award-winning team of research analysts specialises in ASX equities, providing thorough, research-driven insights to help self-directed investors and SMSFs make well-informed investment decisions. We understand the importance of enhancing investment outcomes and delivering you the confidence to navigate. 

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Top 5 ASX Stocks
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