Top FTSE 350 Movers Last Quarter

UK stocks obtained a new high earlier this week, a continuation of gains seen in the final quarter of last year, leaving traders looking for which firms might help continue the momentum into the new year.

Top Q4 Movers in the FTSE 350

• Goodwin (GDWN) +54%
• Airtel Africa (AAF) +53%
• Applied Nutrition (APN) +52%
• WAG Payment Solutions (EWG) +47%
• Fresnillo (FRES) +45%

Can FTSE 350 Momentum Continue?

British stocks struggled in the first part of Q4 as investors held back ahead of the release of the Autumn Budget. Once investor fears of higher taxes and other restrictions failed to materialise, UK equities had plenty of pent-up momentum to fuel the Santa Rally in the latter part of Q4.  It provided a strong comeback for British equities, allowing the FTSE 350 to score a new record high at the start of the new year. Below are some of the names that have helped bolster that move and could continue to be important players in the markets going forward.

Defence Spending Supports Goodwin

The refractory engineering company's growth in the final quarter was a continuation of gains seen all year, with the company's stock rising 180% in 2025. Overall, the EU increase in defence and infrastructure spending has supported investor interest in the company. Although the prospect of peace in Ukraine in December might have created some doubts, the resurgence of geopolitical risks at the start of 2026 might reassure traders that there is demand for highly resistant materials used in military applications. In its half-year report published in mid-December, Goodwin announced that its profit had doubled from the year prior. After paying down debt, the company would have increased funds to pay back investors in the coming fiscal year.

Eurowag: Rising on Christmas Cheer?

The European payments solution provider had seen its share price rise modestly in the quarter, but it was the final two weeks of the month that saw its share price make most of the gains for the year. Interestingly, this came without any major news releases from the firm. However, given the recent tension between Brussels and Washington, there is renewed interest in the EU to achieve a domestic payment system to rival US firms Mastercard and Visa. European banks are spending billions to develop their own payments system. Investors might be speculating that Eurowag has an opportunity amid the shifting landscape of payment solutions in the EU.

Fresnillo Riding the Gold High

The Mexican-based gold miner Fresnillo continued its gains through the final quarter of the year, thanks to gold rising to a new record high amid the Christmas holidays. The start of the new year has kept the yellow metal near its record high amid geopolitical tensions and expectations that the Fed will cut rates as early as March. Analysts suggest that interest in gold will persist through the coming year, unless there is a major geopolitical shift. Citi and Barclays raised their price targets for Fresnillo at the start of the year, with Citi forecasting the company's free cash flow will rise to $2.1 billion from $1.6 billion a year ago, allowing the company more room to reward shareholders.