Christine Poole’s Top Stock Picks for October 2024: CGI, Linde, and Microsoft

Christine Poole’s latest stock picks: CGI, Linde, and Microsoft shine amidst a cautiously optimistic market outlook.

Editorial Team (ET)May 25, 2025

The global financial landscape continues to shift as major stock market indices surged in the third quarter of 2024. This upswing was largely driven by interest rate cuts from central banks around the world, signaling a coordinated global easing cycle. The financial markets are abuzz with optimism, with growing belief that a recession might be sidestepped. Christine Poole, CEO and Managing Director of GlobeInvest Capital Management, notes that the broadening of price appreciation across more sectors this quarter is a promising sign for the markets.

Further boosting investor confidence, China’s central bank introduced a significant stimulus package in late September to bolster its economy. While it’s too early to determine the long-term effectiveness of these measures, the move has generated positive sentiment among global investors. As the world’s second-largest economy, China’s recovery efforts could have a profound impact on global growth.

Meanwhile, inflation appears to be cooling globally, prompting many central banks to pivot towards interest rate cuts. This trend highlights their renewed focus on fostering economic growth. However, even as inflation recedes, global prices remain significantly higher than pre-pandemic levels, putting pressure on lower and middle-income households. The aim now is to stimulate economies to ease this burden.

Historically, corporate bonds and stocks have fared well following interest rate cuts, especially when a recession is avoided. Christine Poole highlights that corporate profits tend to rise when growth holds steady, particularly when supported by rate cuts. The S&P 500 is currently projected to see earnings per share grow by 4% in the third quarter of 2024, with further growth expected through 2025. U.S. GDP growth of 3.4% in Q3 also points to solid economic footing.

However, Poole emphasizes that equity markets are reflecting these optimistic expectations. To maintain this upward trajectory, earnings and growth forecasts must be met—or exceeded. She remains watchful but optimistic as she presents her top stock picks for October 2024: CGI, Linde, and Microsoft.

Christine Poole’s Top Picks

CGI (GIB.A TSX)

CGI is a global leader in IT services, consulting, and outsourcing. With a diversified client base spread across industries and geographies, the company’s revenue is generated from two main areas: managed services and outsourcing (55%), and systems integration and consulting services (45%).

CGI’s strength lies in its ability to provide end-to-end solutions, making it a reliable partner for businesses looking to streamline their operations. With long-term contracts and a focus on recurring revenue, CGI enjoys stability in uncertain market conditions. Recently, the company introduced a dividend, which reflects its commitment to returning value to shareholders. The projected dividend yield sits at 0.4%.

Poole highlights that CGI’s ability to adapt to industry changes while maintaining strong growth prospects makes it an attractive option for long-term investors.

Linde PLC (LIN NASD)

Linde is the largest industrial gas company in the world, with operations spanning diverse industries and geographies. The company supplies gases critical to sectors like healthcare, electronics, and clean energy, positioning it to benefit from long-term secular growth trends. What sets Linde apart is its operational efficiency and its reliance on long-term, on-site contracts. This stability allows the company to maintain consistent earnings, even in times of economic downturn. Additionally, Linde offers a dividend yield of 1.1%, providing a solid return to shareholders while continuing to expand its market reach.

Christine Poole is particularly bullish on Linde due to its leadership in high-growth sectors such as clean energy. The company's ability to meet the growing global demand for industrial gases, while also investing in sustainable solutions, makes it a compelling choice for investors focused on long-term growth.

Microsoft (MSFT NASD)

As one of the most recognized names in the technology sector, Microsoft continues to impress with its diversified product and service portfolio. The company’s business segments—Productivity & Business Tools, Intelligent Cloud, and More Personal Computing—make it a leader in software, cloud computing, and gaming.

Poole emphasizes that Microsoft’s wide range of recurring revenue streams, including Office 365, LinkedIn, and its Azure cloud platform, contribute to its financial stability. The company also remains a major player in the gaming industry through its ownership of Xbox and video game publisher Activision Blizzard.

Microsoft’s balance sheet strength, coupled with its 0.8% dividend yield, provides investors with a solid mix of growth and income. Poole points out that Microsoft’s focus on cloud technology and artificial intelligence offers strong growth prospects for years to come, making it a core holding for any technology-focused portfolio.

Why These Stocks?

Christine Poole’s picks—CGI, Linde, and Microsoft—represent a combination of stability, innovation, and growth potential. All three companies have established leadership positions in their respective industries and offer strong fundamentals, making them well-positioned to thrive in the current market environment.

Poole emphasizes that while global inflation and economic uncertainty remain concerns, companies with robust business models, diverse revenue streams, and exposure to growth sectors are likely to outperform. CGI’s resilience in IT services, Linde’s dominance in industrial gases, and Microsoft’s leading role in cloud computing are key factors driving her confidence in these picks.

Global Economic Outlook: Cautious Optimism

The global economy is in a delicate balancing act. With inflation cooling and interest rates trending down, the outlook is cautiously optimistic. China’s stimulus measures and steady U.S. GDP growth offer reasons for hope, but challenges remain.

The major concern, as Christine Poole notes, is whether earnings and economic growth can meet expectations. Markets are reflecting optimism, but any disappointment could lead to volatility. For now, Poole remains positive about the opportunities in the equity markets, particularly in North American large caps.

Key Takeaways from Christine Poole’s Outlook

Coordinated Easing Cycle: Central banks are cutting rates, signaling a focus on supporting economic growth.
China’s Role: The success of China’s stimulus package is crucial to global economic recovery.
Corporate Profits: U.S. corporate earnings are expected to rise, supporting the equity markets.
Stock Market Strength: Poole sees potential for continued stock market gains if earnings meet or exceed expectations.

Conclusion

Christine Poole’s top picks—CGI, Linde, and Microsoft—are standout choices in an increasingly complex market. These companies represent a mix of stable earnings, growth opportunities, and exposure to high-demand sectors, making them compelling investments for long-term portfolios. As the global economy navigates through rate cuts, inflation concerns, and potential recessions, Poole’s selections provide a balanced approach to managing risk while capitalizing on growth opportunities.

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