Not so long ago the blue-chip FTSE 100 index was considered a ‘dinosaur’ benchmark, full of ‘old economy’ stocks, but in the last few months its performance has eclipsed both the S&P 500 and tech-centric Nasdaq Composite indices by a wide margin.
In a world of ‘sticky’ inflation where physical assets matter again and the valuation of so-called ‘new economy’ stocks trade at nosebleed levels, there has been a renewed appreciation of mining, telecoms and utilities companies over AI-startups.
After crossing the psychological 10,000 points barrier in early 2026, the FTSE 100 index has made further gains and is closing in on the 11,000 level, signalling that ‘boring can be beautiful’ again.
In this article we’ll look at the best performing FTSE 100 stocks over the last six months. But it is also crucial to the recent outperformance of the FTSE 100 that its largest companies, which in turn have the heaviest influence on the trajectory of an index weighted by market value, have also done well.
Why miners have led the way
Mining companies have benefitted from rising prices of precious and industrial metals like copper, whose demand is linked to the global economy and the green energy transition.
Increasing demand for AI data centres and electric vehicles helped copper prices reach a record $13,000 per tonne in early 2026, following a very respectable gain of 44% in 2025.
Glencore is a major player in the copper market and at its recent capital markets day the company set a new production target of over one million tonnes by 2028.
Another catalyst for Glencore’s shares has been the resumption of merger talks with fellow mining giant Rio Tinto which were called off in early February. The long-rumoured $260 billion merger would have created the world’s largest mining company.
Gold and silver miner Fresnillo has seen its shares more than double over the last six months and jump over 400% in the last year. Fresnillo is the world’s largest silver producer and often seem as the ‘go-to’ stock to capture the precious metal’s upside.
The company trimmed 2026 production guidance in early 2026 due to lower ore grades, leading to some profit taking in the shares.
Under-the-radar winner
Airtel Africa has been a strong performer with its shares gaining around 60% over the last six months and 154% over the last year. For the uninitiated, Airtel is a leading provider of telecommunications and mobile money services across 14-countries in sub-Saharan Africa.
Data services revenues generated by Airtel’s mobile business unit recently surpassed revenues from voice, marking an inflection point. With less than a third of Airtel’s 180 million customers currently using its mobile services, the growth opportunity has not been lost on investors.
The company confirmed plans to list its mobile business separately via an IPO (initial public offering) during the first half of 2026. The business recently surpassed 52 million annual subscribers and processed over $210 billion transactions.
Healthcare company GSK has finally started to show some form after a long period of underperformance with the shares reaching their highest levels in nearly a quarter of a century in early 2026.
New CEO Luke Miels promised another year of operational delivery in 2026, adding to increasing investor confidence.
Why is SSE seeing some love?
Utilities are not usually known for their exciting growth credentials so the 45% gain in SSE shares is noteworthy.
Investors have rallied behind the company’s five-year investment plan to upgrade the UK’s electricity grid which is seen as a low-risk source of predictable earnings growth.
The shares remain a popular income provider and management is targeting a mid-single digit percentage dividend increase in the year to March 2026.
Martin Gamble: Shares and Markets Writer
Martin Gamble is Shares and Markets writer at AJ Bell. He was previously the Education Editor of Shares Magazine. He has been with the business since 2019.
Martin graduated from the University of Kent in...
