With the Reserve Bank of Australia set to meet today and keep the cash rate on hold at the record low of 1.5% for yet another month, if I had $10,000 sitting in a supposedly high interest savings account I would put it to work in the share market.
Three top shares that I would consider putting that money into are listed below:
Altium Limited (ASX: ALU)
Thanks partly to the incredible growth of the Internet of Things (IoT) market, I think this award-winning printed circuit board (PCB) design platform provider could deliver above-average growth for the next decade. As PCBs are found in almost all computers and electronics today, I expect demand for its software will grow significantly in the future as more and more IoT devices are launched. According to Statista, the size of the IoT market is expected to grow from US$157 billion in 2016 to US$457 billion by 2020.
Domino's Pizza Enterprises Ltd. (ASX: DMP)
On Friday this pizza chain operator's shares rose sharply after the release of a stellar quarterly result from its U.S. parent. That result revealed international same-store sales growth of 5%, which was well ahead of expectations. Local investors appear to have interpreted this as a sign that the locally listed Domino's could be performing far better than expected after a period of weakness. So with its shares down over 37% from their 52-week high and changing hands at 27x estimated full-year earnings, I think now could be an opportune time to pick up shares for a long-term investment. Especially given how management intends to more than double its store network over the next seven years.
Macquarie Telecom Group Ltd. (ASX: MAQ)
I think that this telecommunication and hosting services provider could be a great investment option thanks to its exposure to the high growth data centre industry. Last week two global tech giants, Amazon and Microsoft, reported a significant jump in revenue for their respective cloud businesses. I believe this demonstrates just how strong demand for data centre services is right now and how Macquarie Telecom could profit greatly from it. And with demand expected to continue to increase for the foreseeable future due to the seismic shift to the cloud, I think Macquarie Telecom would be perfect for growth investors.
