2026 could be another strong year for global stock markets. And I think AngloGold Ashanti (NYSE:AU) and Southern Copper (NYSE:SCCO) might be set for more blockbuster share price gains after a spectacular 2025.

Want to know why? Read on.

Go for gold

Gold delivered spectacular price gains last year, rising 70% as demand for safe havens rocketed. Gold stocks didn’t just follow in their slipstream — most produced even greater returns, reflecting these companies’ ability to grow profits more sharply than metal prices can rise.

Take AngloGold Ashanti, whose share price surged 266% in 2025. It wasn’t just a beneficary of the ‘leverage’ effect, though. While their costs remain largely fixed, earnings can rocket as rising gold prices can supercharge their revenues.

This US-listed gold share‘s robust balance sheet and impressive production record also attracted investors. Group output rose 17% in Q3, thanks to ramp-ups at existing mines and contributions from the recently-acquired Sukari asset.

Ultimately, though, AngoGold’s share price is driven by movements in the bullion price. And following that bumper 2025, the gold stock could experience some volatility if heavy profit taking sets in.

Yet I’m confident gold can recover from any pullbacks and continue its long-running charge higher. As Charu Chanana, chief investment strategist at Saxo Bank comments:

The big picture, however, for precious metals still looks structurally supportive with easier rates ahead, persistent fiscal and geopolitical unease, and ongoing diversification demand. That means any pullbacks may be seen as opportunities for long-term investors to rebuild exposure.

I think AngloGold’s a top stock to consider in this climate. Its large portfolio of assets located across 10 countries helps investors to spread risk.

Southern comforts

Gold’s not the only major commodity currently trading around record highs. Copper also struck new peaks in December, and rose 38% during 2025.

Thanks to the leverage factor, this pulled Southern Copper’s share price 95% higher, far greater than the red metal’s own price ascent.

But can copper prices continue their stunning rise in 2026? Unlike gold, which rises when investors become fearful, industrial metals like this can fall sharply.

However, the emergence of an enormous market deficit means the bellwether commodity could deliver further spectacular gains this year. Analysts at Citigroup have predicted prices could rise to $15,000 a tonne during Q2, following major supply disruptions in 2025 and improved demand as interest rates fall and the US dollar weakens.

Copper was last changing hands at around $12,160.

Like AngloGold Ashanti, Southern Copper has enormous scale, and is one of the world’s top ten producers of the essential metal. This puts it in great shape to capitalise on any fresh price gains. It also helps investors to effectively spread risk (the mining giant owns multiple mines in Mexico and Peru).

Given copper’s essential role in technology and renewable energy, demand could explode as these sectors rapidly grow. As a result, I think Southern Copper could be a top long-term stock to consider in a Stocks and Shares ISA.

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AngloGold Ashanti

What it does: AngloGold Ashanti is a global gold mining company with projects in nine countries, across four continents.

By Andrew Mackie. When it was announced at the back end of last year that AngloGold Ashanti (NYSE: AU) had agreed to buy UK-listed Centamin, then I began undertaking research into the miner to see if it was a good fit for my Stocks and Shares portfolio.

One fact that immediately struck me was its low valuation compared to many of its American peers. In 2023, it restructured the business moving its primary listing from South Africa to the New York Stock Exchange. Over time, it hopes this move will result in a fundamental revaluation.

I believe that the acquisition of the Sukari gold mine, a tier one asset, could very well turn out to be a pivotal strategic move. As gold prices continue to edge closer to $3,000, its increased gold production and expected fall in all-in sustaining cost (AISC) will result in significant margin improvement.

Cost inflation remains one of the biggest risks for the industry as a whole but is particularly acute at AngloGold. One of its mines in Brazil was recently placed on “care and maintenance” given that its AISC was well above the price of gold.

Nevertheless, with government deficit spiralling out of control in the US and a new Administration eager to see it cut, I believe gold prices will continue to rise. Trading at a forward P/E of just over seven, I decided to add some of its shares to my portfolio in early 2025.

Andrew Mackie owns shares in AngloGold Ashanti.

Nu Holdings

What it does: Nu Holdings is the parent company of Nubank, the leading digital bank in Latin America.

By Ben McPoland. I recently bought more shares in Nu Holdings (NYSE: NU). The branchless bank continues to grow like a weed across Latin America. It now has over 100m customers in Brazil, a staggering 57% of the adult population!

However, it’s also growing rapidly in Mexico, where it recently surpassed 10m customers (around 12% of the adult population). Management believes the long-term opportunity in Mexico is massive, while its newest market is Colombia.

Nubank is offering various services and credit to the continent’s massive underbanked population via their smartphones. While that’s driving enormous growth, it also exposes the firm to a rise in non-performing loans. This is certainly worth bearing in mind.

It is perhaps such risks that explain the relatively low valuation here. The stock is trading at just 16 times next year’s forecast earnings. For perhaps the fastest-growing financial company on earth, that looks like a bargain. 

Interestingly, Nu Holdings is considering moving its legal domicile to the UK ahead of a global expansion that may include the US within the next couple of years.

Ben McPoland owns shares in Nu Holdings.

Ørsted

What it does: Danish energy supplier and largest developer of offshore wind power by number of built offshore wind farms.

By Mark Hartley. I bought shares in Ørsted (CPSE:ORSTED) because I have a keen interest in renewable energy. The company has suffered significant challenges in the past five years, leading to a 55% drop in value. The cancellation of its Ocean Wind 1 and 2 projects off New Jersey led to $5.6bn in loss in 2023. As a result, earnings per share fell to a loss of 50 DKK (£6.28) that year, forcing it to cancel all dividends.

In Q3 2024, earnings recovered to 5bn DKK (£570m), prompting analysts to estimate a final year EPS of 22 DKK (£2.49). But renewable energy remains a high-risk industry, prone to losses from unpredictable weather events and regulatory changes.

Despite its risks, I think Ørsted stands a good chance of turning a profit while helping drive cleaner energy production. The average 12-month price target of 420 DKK represents growth of 34% from today’s price.

Mark David Hartley owns shares in Ørsted.

Palantir Technologies

What it does: Palantir’s software specialises in big data analytics, with both government and corporate clients.

By Muhammad Cheema. Palantir (NASDAQ:PLTR) has been leveraging its expertise in artificial intelligence (AI) to generate strong growth.

Among its corporate clients, its Artificial Intelligence Platform (AIP) has been a big hit. AIP allows users to integrate AI models directly into their platforms, taking care of tasks employees usually do.

As a result, the company has seen its revenue from US commercial customers rise by 54% in its latest quarterly results year on year. Its customer count also grew by 39%, and in the last quarter alone the company closed 104 deals worth over $1m each.

My biggest concern with the company is its lofty valuation. With a price-to-sale (P/S) ratio of 72, any weakness it displays could send its share price off a cliff. For example, more companies are entering the AI space. Therefore, it’s not highly unlikely a larger competitor in the space will encroach on its business.

However, as enthusiasm for Palantir’s software is increasing, I remain convinced it will continue its strong growth.

Muhammad Cheema owns shares in Palantir Technologies.

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