FTSE100 shares were on a wild ride in August. They rebounded strongly after a drop earlier in the month, and further gains could be just around the corner.

I believe now is a great time for investors to look for opportunities to consider buying. Cheap stocks have even greater potential to grow in slow 2024 and beyond as investor interest in value stocks increases.

Here are my three favourite stocks from the Footsie Index. As you can see, each of them has the lowest price-to-earnings (P/E) ratios. They all have a juicy dividend yield too.

WPP

WPP’s low valuation largely reflects tender advertising spending in the U.S. technology sector. Sales have been tender recently and could remain tender if a recession hits the U.S.

But as a long-term investor, I think the stock’s decline in 2024 presents an attractive buy-at-a-low opportunity. Given the ad agency’s massive investment in digital advertising — along with its growing exposure to emerging markets — I think earnings could rise from current levels over the next decade.

I also like this company because of its excellent relationships with global blue-chip companies. It currently has over 300 Fortune Global 500 clients.

WPP’s net debt to EBITDA ratio of 1.8 times is slightly above target. And that worries me a bit. But overall, I still think it’s worth paying close attention to at today’s prices.

Rio Tinto

Miners like Rio Tinto are also highly sensitive to economic conditions. In this case, a up-to-date decline in the U.S. and China could dramatically impact commodity demand and push metal prices lower.

But like WPP, this UK stock has significant long-term investment potential. As a major supplier of industrial metals such as copper, lithium and iron ore, it is well-positioned to tap into several huge growth sectors such as renewable energy, construction and information technology.

I am also encouraged by Rio Tinto’s sturdy balance sheet. Its net debt to EBITDA ratio was 0.6 at mid-2024. This in turn gives it the firepower to develop up-to-date and existing assets and make acquisitions. Last year, it spent $800 million on up-to-date copper and aluminum assets.

Aviva

Aviva is also vulnerable to the wider economic landscape. It also has to work difficult to boost profits in a highly competitive market.

But I’ve still added more Aviva shares to my portfolio in 2024, and I’d like to add more. That’s because the insurance and retirement provider has a great opportunity to boost its profits. This is thanks to demographic changes in the UK, Ireland and Canada.

I also like this particular company because of its vast general insurance division. This non-cyclical unit helps limit earnings weakness in challenging times.

Given that Aviva outperforms its rivals in terms of investment in digital solutions, I believe that sales in this market could grow rapidly over the next decade or even longer.