If I could only buy 2 FTSE 100 shares in March it would be these

This Fool loves FTSE 100 shares. He’s keen to add some more to his portfolio in March. Here are two that top his hope-to-buy list.

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It feels like only yesterday we were entering 2024. But with March here already, I’m eager to keep buying FTSE 100 shares.

Right now, I think the index is packed with high-quality companies trading at unmissable bargains. I like the sound of that.

I’ve made it a habit to invest on a consistent basis. Of course, this depends on when I sense solid opportunities to buy. Luckily for me, I think March could be a good time.

Here are two shares I’m eyeing.

BP

Earlier this year I opened a small position in BP (LSE: BP). I’d had the stock on my watchlist for a while. Trading on just six times earnings, I decided to buy. In my opinion, for a business of BP’s prowess trading for a low valuation, I saw it as a great opportunity to jump in and purchase some shares.

I must admit there are risks. The biggest threat to BP is clear. At some point in the years to come, fossil fuels are likely to become obsolete. ESG (environmental, social, and governance)-focused investors are quick to scrutinise companies like BP nowadays. In the times ahead, I’d only imagine this will intensify. That could harm the stock.

But there are a few reasons why that doesn’t deter me from investing in BP. Firstly, it’s aware of the changes it must make. It’s one of the leading oil and gas businesses when it comes to the green transition.

What’s more, it’ll be a while before we aren’t reliant on traditional energy sources. The UK plans to reach net zero by 2050, but it’s believed this may be ambitious.

I’m also a fan of the passive income it provides. A yield of 4.8% trumps the average of its FTSE 100 peers. The business is targeting $14bn worth of share buybacks by 2025. That’s what I like to see. In March, I’m keen to grab some more cheap shares.

Tesco

With the UK also in a ‘technical recession’, I’m looking to bolster my portfolio with some defensive stocks. Tesco (LSE: TSCO) is on my radar.

Like BP, there’s the chance to make some extra cash with its shares. It yields 3.9%, in line with the FTSE 100 average.

What I like about Tesco is the stability it offers my portfolio. It sells essential goods. With a 27.6% market share, it’s the biggest player in the market by some margin.

To maintain this however, Tesco will have to stave off rising competitors such as Aldi and Lidl. They’ve seen strong growth in the last few years, boosted by the cost-of-living crisis.

But I’m confident it can do so. It’s bolstered its e-commerce channels to adapt to new shopping habits. And as interest rates fall, the firm should be provided with a boost as spending increases.

Trading on 14 times earnings, it isn’t too badly priced either.

With any spare cash that I have this month, I’ll be buying both of these FTSE 100 stalwarts.

Should you invest, the value of your investment may rise or fall and your capital is at risk. Before investing, your individual circumstances should be assessed. Consider taking independent financial advice.

Charlie Keough has positions in Bp P.l.c. The Motley Fool UK has recommended Tesco Plc. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

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