The Australian share market is home to a large number of quality blue chip shares for investors to choose from.
To narrow things down for you, I've picked out three blue chip shares which I think are in the buy zone right now. They are as follows:
BHP Group Ltd (ASX: BHP)
Investors that are wanting exposure to the resources sector might want to consider this mining giant. I believe BHP is the standout pick in the sector thanks to its low cost operations, world class assets, and strong balance sheet. All in all, I expect the company to deliver another bumper profit result in FY 2019 and return the majority of its free cash flow to shareholders via a combination of share buybacks and dividends.
SEEK Limited (ASX: SEK)
This job listings company is one of my favourite buy and hold options on the Australian share right now. Although FY 2019 is likely to be a reasonably underwhelming year with limited profit growth, it is worth remembering that this is due to its investment in growth opportunities and its revenue is still expected to be 16% to 20% higher year on year. I think this makes it well worth sticking with the company, especially with management aiming to double the size of the business over the next five years.
Wesfarmers Ltd (ASX: WES)
A final blue chip share to consider buying this week is Wesfarmers. The conglomerate has had a transformational year following a series of asset sales and divestments which I believe have made it stronger. The key now will be for management to make successful earnings accretive acquisitions in the near term. But given management's strong track record, I remain confident that it will deliver on this. Overall, I'm optimistic this will lead to its shares once again generating strong returns for shareholders over the next decade.
