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America’s S&P 500 isn’t the only place for UK investors to find great growth shares. The FTSE 100 and FTSE 250 indexes also have many great stocks with explosive earnings potential.
Pan African Resources (LSE:PAF), AJ Bell and Polar Capital Technology Trust are three that have caught my eye. Want to know what I think makes them top stocks to consider at the start of 2026?
Gold star
Gold looks like it could have further to climb after last year’s electrifying gains. So buying gold stocks could be a great option to think about, given their profits tend to rise more sharply than metal prices during bull markets.
Pan African Resources is one gold producer tipped for further breakneck profits growth. Analysts expect earnings to soar 90% this financial year (to June 2026), and another 15% the following year.
The company has ambitious production targets to capitalise on this favourable landscape. It’s on course for 275,0000 to 292,000 ounces this year, up from 197,000 during fiscal 2025.
So on balance, I’m expecting Pan African to add to 2025’s share price increases. It rose 263% over the year, outpacing the gold price, which rose a more modest (if still impressive) 65%.
I think it’s a top stock to consider, even though production setbacks are a constant danger that could hit its share price.
Besides, today Pan African’s shares trade on a forward price-to-earnings (P/E) ratio of just 8.7 times. This could limit any potential falls in the event of operational problems.
Accelerating growth
AJ Bell’s another FTSE 250 share with bags of earnings potential. A rapidly ageing UK population, combined with rising interest in financial planning, is driving demand for retail investment experts like this.
It’s why City analysts expect this company’s earnings to rise 5% this financial year (to September 2026). Despite the danger of high market competition, annual growth is tipped to double to 10% in financial 2027 too.
AJ Bell’s October update showed customer numbers up 19% last year, propelling investment inflows and assets under management to record highs. I think there’s plenty of scope for further growth, helped by falling interest rates on savings accounts and Cash ISA changes.
A bargain growth stock
Meanwhile, Polar Capital Technology Trust provides an indirect way for investors to harness the growth potential of US tech shares. In 2025 it enjoyed share price gains of 33%, powered by industry heavyweights like Nvidia, Apple and Alphabet.
So what’s the point of considering this FTSE 100 trust instead of US stocks directly, you may ask? One reason is the excellent diversification it offers. With 91 holdings, it provides great protection if one or two companies face difficulties.
The second is that today the trust is at a low price. At 470.7p, it trades at a 10.2% discount to its net asset value (NAV) per share.
It could experience turbulence if worries over a tech bubble rise again. But over the long term, I’m optimistic Polar Capital Technology can be one of the UK’s hottest growth shares.
